The Council of Saudi Chambers submitted a proposal to open a Russian bank in Riyadh, in a move aimed at facilitating trade and economic exchange between the two countries.
During a second meeting of the Saudi-Russian Business Council on Thursday in the Saudi capital, the Russian ambassador to the Kingdom, Sergei Kozlov, underlined Moscow’s keenness to develop trade relations between the two countries.
He noted that the visit of the Custodian of the Two Holy Mosques to Russia, as well as the visit of Russian President Vladimir Putin to Riyadh established a solid relationship to move forward in developing strategic relations.
President of the Federation of Saudi Chambers, Ajlan Al-Ajlan said the proposal to open a Russian bank in Riyadh would contribute to the development of commercial and economic relations.
Tariq Al-Qahtani, head of the Saudi-Russian Business Council, stressed the importance of strengthening economic and trade cooperation during the coming period for the interest of the two countries.
The meeting of the Saudi-Russian Business Council discussed challenges facing trade exchange between the Kingdom and Russia, including the absence of a direct shipping line to facilitate import and export operations, and the lack of sufficient information on the business environment and investment opportunities.
The Council stressed the need to set a roadmap for developing economic cooperation between the two sides, focusing on forging trade and investment agreements, opening a direct route for trade, facilitating visa procedures and increasing cooperation in the targeted sectors, including agriculture.
