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Saudi Arabia Plans Investments In More Than 25 Russian Projects

 On October 4, 2017, the Minister of Industry and Trade of the Russian Federation Denis Manturovmet with the Minister of Energy, Industry and Mineral Resources of the Kingdom of Saudi Arabia Khalid Al-Falih.

The parties discussed prospects for bilateral cooperation in all areas of cooperation.

The trade turnover between our countries for the first half of 2017 increased by 30% compared to the same period last year. However, its potential is not fully disclosed and should be several times larger "

said Denis Manturov .

Positive dynamics, according to the Minister, are also observed in the cooperation between the Russian Direct Investment Fund and the Saudi Arabian Sovereign Fund Public Investment Fund. To date, this interaction has produced a good result - approved investment in various sectors of the Russian economy, including such a large project as the integrated development of the territory of the former Tushino airfield in the north-west of Moscow. These investments show a positive profitability, which is the argument in favor of further increase in the volume of cooperation. The corresponding plans for RFPI and PIF are available for more than 25 projects in the sectors of production of consumer goods, agriculture, real estate, infrastructure, oil and gas sector.

In addition, RFPI and PIF agreed to establish an Investment Energy Fund in conjunction with the Saudi Oil Company.

It should be noted that during the forthcoming visit of His Majesty King Salman Al Saud to the Russian Federation, a number of documents, which will form the basis for the development of cooperation between the two countries, will be signed, including the Memorandum of Understanding on Cooperation in the Field of Trade and Industry between the Ministry of Industry and Trade of the Russian Federation and the Ministry of Trade and Investments of Saudi Arabia, as well as the Roadmap for the development of trade-economic and scientific-technical cooperation.

Within the framework of the Road Map planned by the Kingdom of Saudi Arabia, the Russian initiative to create a profile Working Group on Cooperation in the Aluminum Industry was supported ( previously, bilateral working groups with Bahrain and the UAE were also established to discuss aluminum issues, similar work is being done with China and India).

Denis Manturov said that it is necessary to involve in the discussion of these issues the maximum number of interested states-producers of aluminum.

As a systematic approach to solving problems in aluminum, we see the creation of a multilateral platform for discussing industrial aluminum production "

said the Minister.

In addition, a Russian business mission to Saudi Arabia is scheduled to be held "on the sidelines" of the meeting of the bilateral IPC to determine the parameters for future cooperation in various industries. The demand for cooperation with Saudi Arabia may be cooperation in the field of supply and maintenance of oil and gas equipment, which is in demand on the world market.

Also, the Minister expressed interest in the program Saudi Vision 2030, whose goal is to develop non-primary sectors of the economy and industrial production. According to him, the Russian side is ready to take part in the development of high-tech sectors of Saudi Arabia.

In addition, during the meeting, possible cooperation in the shipbuilding and radio-electronic industry was discussed, in particular, plans to expand shipbuilding capacity, projects for equipping with air traffic automation, navigation, and joint developments in the field of monitoring and dispatching vehicles.

These and other promising cooperation projects will be discussed on a regular basis in the framework of the new negotiation platform, established on the Russian initiative. We are talking about the organization within the framework of the Strategic Dialogue between Russia and the Council of Cooperation of the Arab States of the Persian Gulf regular meetings of ministers responsible in our countries for questions of industry and trade "

said Denis Manturov .

 

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