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Saudi Arabia, Russia to improve economic cooperation

Saudi Arabia, Russia to improve economic cooperation

RIYADH: Asharq Al-Awsat has learned that the Saudi-Russian committee will convene in October amid expectations that this meeting will transform economic cooperation between the two countries in the fields of energy, gas and oil.

These expectations coincide with calls for removing obstacles that are represented in double taxation, opening direct shipping lines and launching bank branches to provide facilities and letters of credit.

Abdulaziz al-Karidis, vice-chairman of the Saudi-Russian committee, told Asharq Al-Awsat that the coming months will witness a fruitful investment, commercial and economic movement between Riyadh and Moscow, saying cooperation will be bolstered in fields of energy, gas and oil as well as in exchanging expertise.

He added that Saudi-Russian bilateral trade volume stands at USD1 billion only, which is not up to par with the economic size of both countries.

Karidis noted that cooperation between Riyadh and Moscow will boost their positions in international arenas and will be an opportunity to stabilize oil prices, especially that Moscow is a non-OPEC oil producing country.

There is a meeting in October for the committee, said Karidis, lauding the fact that the Saudi-Russian Joint Council discussed with Speaker of the Russian Federation Council Valentina Matviyenko obstacles to boosting economic cooperation between the two countries.

He called on Russian parties to work on exempting double taxation, providing financial facilities and expanding banking branches between Russia and Saudi Arabia to offer letters of credit in addition to opening shipping channels and direct lines.

Karidis noted that Saudi exports don’t reach Russia in a direct way and this increases costs and delays period of delivery.