WORLD Russia, Saudi Arabia agree to strengthen trade, investment ties

WORLD

Russia, Saudi Arabia agree to strengthen trade, investment ties

Xinhua

01:41, June 11, 2019

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Russian fishing fleet operator Dobroflot is set to deploy an IoT solution for fuel monitoring from Orange Business Services. Source: Dobroflot. (Photo: AP)

MOSCOW (Xinhua) -- Russian Energy Minister Alexander Novak and Saudi Arabian Minister of Energy, Industry and Mineral Resources Khalid Al-Falih vowed on Monday to step up the countries' partnership in trade and investment.

Both sides agreed to work on the opening of trade missions in the two countries, Novak said at a joint press conference here with Al-Falih, after they co-chaired the 6th session of the Russian-Saudi Arabian intergovernmental commission on trade, economic, scientific and technological cooperation.

Saudi companies are mulling investment in the Russian construction sector, gas chemical projects, ethanol production facilities, natural gas liquefaction projects, and agriculture, Novak said.

He said he hopes these programs will see the signing of specific agreements this year.

Russian companies could take part in the construction and reconstruction of sewage treatment plants in Saudi Arabia, he said.

Russia and Saudi Arabia also agreed to streamline their regulatory frameworks, including easing visas for visitors, to facilitate business between the two countries, Novak said.

Trade and investment cooperation corresponds to the interests of both countries and contributes to developing bilateral ties, Al-Falih said.

Also on Monday, Kremlin spokesman Dmitry Peskov said that Russian President Vladimir Putin could visit Saudi Arabia in October.


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