On May 28, 2005 a session of the RSBC was held within the framework of the Intergovernmental Russian-Saudi Committee for Trade and Economic and Technological Cooperation in Riyadh.
The Russian delegation was led by SISTEMA President, RABC Chairman Vladimir Yevtushenkov and included First Deputy Chairman of the Bank of Russia Ms. Paramonova, Adviser to the RF President Mr. Aslakhanov, President of INFAIKOM Group for Investment and Financing Mr. Labusov, Chairman of the Board of Directors of KONFAEL Ms. Eldarkhanova, President of ROKADA A. Chepa, as well as representatives of a series of companies such as STROITRANSGAZ, ROSOBORONEXPORT, Trubnaya Metallurgicheskaya Kompaniya, SOYUZNEFTEGAZ, Russkaya Inzhenernaya Kompaniya, Energo Engineering Enterprises, Maxlevel, SMP-NEFTEGAZ, ROSNEFTEGAZSTROI.
Chairman of the Council of Chamber of Commerce and Industry in Saudi Arabia Abdurrahman Al-Jureysi and leader of the Russian delegation Vladimir Yevtushenkov welcomed the RSBC session attendees.
The session resulted in the signing of an agreement on the establishment of a Russian-Saudi Business Council with SISTEMA President V. Yevtushenkov and Chairman of Al-Hadi Al-Qahtani & Sons Corporation Board of Directors Tariq Abdel Hadi Al-Qahtani appointed as RSBC co-chairmen.
A discussion was held on the question of expanding bilateral ties. The session resulted in a Joint Protocol. The sides made a series of propositions concerning the promotion of trade exchange and investment collaboration between the two countries:
- to create a Russian-Saudi Bank
- to work out customs regulations in order to boost product exchanges between Russia and Saudi Arabia
- to organize exhibitions in both countries for better familiarization with local commodities
- to erect an Arab House in Moscow which will host exhibition room for Saudi produce, a series of Moscow-based Arab offices, as well as of trade centers and restaurant. The opening of a similar Russian House in Riyadh.
- to regularly publish printed material advertising various investment projects of both countries
- for Russian companies to participate in tenders held in the Kingdom
- to establish an Executive Committee with the Russian-Saudi Business Council
- to cooperate in the oil & gas field, high-tech, joint investment and investment in third countries
- for the Russian-Saudi Business Council to contribute to furthering relations between the Chambers of Commerce in both countries
- 1 The two sides have agreed to hold RABC sessions twice a year. The next session will take place in Moscow with the Councils Secretariat being tasked with the coordination of the order and terms.
- The need for signing an Agreement on the Protection and Encouraging Investment and Agreement on the Avoidance of Double Taxation has been stated.
In addition, a series of problems hindering the promotion of goods turnover and investment exchange have been noted:
- no direct flights between both countries;
- no direct sea communication;
- gap in customs regulations of the two countries;
- difficulties in obtaining entry visas.
Within the framework of the RSBC session a meeting of business-ladies from Saudi Arabia and Russia took place. The Saudi side was headed by Ms. Nahad Sabii, Director General of the Department for Business Women`s Council at the Chambers of Commerce in Saudi Arabia. The Russian side was led by Tatyana Gvilava, RABC Director and President of Inter-regional Association Women and Business.
In the course of the meeting Saudi women gave an account of their activities. The event resulted in the signing of an Agreement on the Necessity of Joint Investment into Pastry and Perfume Industry.
On May 28, 2005 The King Feysal Conference Complex at the Intercontinental Hotel hosted the Second Session of the Joint Russian-Saudi Committee for Trade, Economic and Technological Cooperation.
In the first plenary session of the Intergovernmental Committee Mr. Ibrahim al-Assaf, Minister of Finance of Saudi Arabia and Mr. Oganesian, Chairman of the Russian side of the Joint Intergovernmental Committee and Director of the Federal Energy Agency delivered a openings speech.
Further, the following Committees succeeded in work:
- Cooperation in fuel and energy complex (Chairman - Mr. Ahmed Hamdi, Counsellor of the Minister of Finance of Saudi Arabia)
- Economic Cooperation and Trade (Chairman –Director General of the Ministry of Finance)
- Scientific and Technical Cooperation (Chairman – Director General of the Ministry of Health)