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Saudi Arabia Is Interested In Implementing Joint Projects With Russian Companies

 In Riyadh (Saudi Arabia), the Russian business mission, organized by the Ministry of Industry and Trade of Russia, the Ministry of Energy of the Russian Federation and the Russian Direct Investment Fund, completed its work. Its key result was an agreement between the countries on enhancing cooperation in key areas of industry, energy, transport and agriculture.

The second day of the Russian business mission began with the Russian-Saudi business meeting. It was opened by the Minister of Energy of the Russian Federation Alexander Novak and the Minister of Trade and Investment of Saudi Arabia Majed Al Kasabi. The sides expressed mutual interest in increasing trade turnover between the countries and expanding production cooperation.

Deputy Head of the Ministry of Industry and Trade of Russia Vasily Osmakov noted in his speech that the current visit to the Kingdom is unprecedented in terms of the composition of its participants and the opening horizons of bilateral cooperation. According to him, now the main task is to translate the agreements reached into practical terms.

As an example of one of the potentially successful areas of cooperation, he cited renewable energy, where the joint efforts of the Ministry of Industry, Energy and the partners from Saudi Arabia open up broad opportunities for the development of industry and energy in both countries.

Representatives of Russian railway and oil and gas companies made presentations at the business meeting, describing the main areas of their activities, key competencies and the range of products.

The implementation of major rail projects in Saudi Arabia is one of the key areas for our further cooperation. And we are talking not only about the construction of railways, but also about the supply of rolling stock, the corresponding innovative equipment. Saudi colleagues showed a sincere interest in working together with our companies that have competitive advantages in this market ,

commented Vasily Osmakov.

In turn, the head of the Republic of Ingushetia, Yunus-Bek Yevkurov, expressed the region's interest in developing cooperation with Saudi Arabia in the production and export of food and invited potential investors to the industrial sites in the region. The participants of the business meeting also touched upon the issues of simplifying the visa regime between the states, which will make the work of entrepreneurs more comfortable and effective. In addition, consultations will soon be held on opening a direct air service between Russia and Saudi Arabia, which is currently not available.

Issues of bilateral cooperation in the spheres of industry, energy, agriculture and investment were also discussed at the talks with the Minister of Trade and Investment of Saudi Arabia Majed Al Qasabi in a "narrow composition". The key event of the day was the fifth meeting of the Joint Russian-Saudi Intergovernmental Commission on Trade, Economic, Scientific and Technological Development, whose main task is to create favorable conditions for the development of business relations between countries.

During the two days of negotiations, we managed to organize a lot of B 2 B -places, where the prospects of various projects were discussed: from the supply of Russian trucks and power equipment to the creation of joint metallurgical and oilfield service enterprises. Russia plans to conduct the next business mission to Saudi Arabia in the spring of 2018, which indicates the release of relations between our countries in the industrial sphere to a qualitatively new level ,

summed up Vasily Osmakov.

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