The Minister of Energy of the Russian Federation Alexander Novak and the Head of the Head investment department of the Kingdom of Saudi Arabia Abdullatif Al Osman have held the fourth meeting of the Joint Intergovernmental Russian-Saudi commission on Trade-Economic and Scientific-Technical cooperation.
The parties have discussed the main issues of the Russian-Saudi trade and economic cooperation concerning coordination of uniform approaches to development of economic cooperation between the countries including improvement of standard and legal base, development of an investment and financial component and also support and maintenance at the state level of joint projects in the sphere of power, agriculture, the industry.
According to Alexander Novak in spite of the fact that indicators of volume of the Russian-Saudi mutual trade for the last few years characterized by insignificant indicators, the structure of commodity turnover is balanced. Russia generally delivers agricultural production to Saudi Arabia: barley and also ferrous metals in the form of ferroalloys and timber. In turn, from Saudi Arabia polyethylene and polypropylene raw materials are delivered to Russia.
"It is necessary to assist the economic operators of our countries in increasing the supply of goods already available in the structure of Russian-Saudi trade, and the emergence of new commodity positions. We are faced with the task of full-scale development of trade and economic cooperation, the key element of which is the investment component. I support the proposal of our experts to create a working group on trade and investment within the framework of the Commission. Timely proposal by the Saudi side to establish a working group to monitor the implementation of agreements, recorded in the Protocol of the Commission. I am sure that regular meetings of the secretariats every six months will allow to speed up the solution of a number of issues, "the Minister said.
As another important area of cooperation, the head of the Russian Energy Ministry called cooperation between the Russian Direct Investment Fund and the Sovereign Fund of Saudi Arabia.
"In June of this year, the Russian Direct Investment Fund and the Sovereign Fund of the Kingdom of Saudi Arabia Public Investment Fund agreed to establish a long-term strategic partnership of up to 10 billion US dollars. This agreement has become the largest not only in the history of relations between Russia and Saudi Arabia, but also for the entire world industry of sovereign funds. Investments are planned to be implemented in Russian companies in various sectors of the economy, including in the field of infrastructure and agriculture, "Alexander Novak said.
An important task, according to the Minister, is also the improvement of the regulatory and legal framework governing cooperation in the sphere of industry, agriculture, culture, education and space exploration.
"The results of joint work have once again confirmed our mutual interest and firm intention to continue to exert maximum efforts for the development of Russian-Saudi economic ties, to find ways to improve bilateral cooperation. We have great potential to move to a new level of cooperation, "concluded Alexander Novak.
The list of the documents signed within 4 meetings of the Russian-Saudi Intergovernmental Commission:
Memorandum of Understanding between Sistema JSFC and Wafrat Al Tawasul on the establishment of a Russian-Saudi investment company
The memorandum of understanding between JSC «AFK Sistema» and «Wafrat Al Tawasul» on the establishment of a Russian-Saudi investment company.
The memorandum of understanding between JSC «Targin» and «Wafrat Al Tawasul» about creation in the territory of the Kingdom of Saudi Arabia of joint business on production of boring chisels.
The memorandum of joint activities in the sphere of the organization of a religious pilgrimage (umra, hajj) between «AL HADZH GROUP» holding (Saudi Arabia) and LLC «Al Hadzh Group of Russ».
Agreement on the construction of a medical research center and a factory for the production of biopharmaceutical preparations in the Kingdom of Saudi Arabia.
The agreement on accreditation in the Kingdom of Saudi Arabia and opening of branch of the Russian State University of Oil and Gaz of «Gubkin».
Agreement on cooperation in the Russian projects of import substitution and transfer of technologies of the oil and gas industry between the Engineering Center of the Russian State University of Oil and Gas named I.M. Gubkin and «ELSTAR MIDDL IST».
Agreement on the construction of a plant for the production of bioprotein in Saudi Arabia by the construction and engineering holding of JSC GC "RusGazEngineering".
The memorandum of understanding between National association of contractors of the Kingdom of Saudi Arabia and the Russian Union of builders.
Protocol of joint sitting of the Russian-Saudi Business Council.
Final protocol of the fourth meeting of the Joint Intergovernmental Russian-Saudi Commission on Trade-Economic and Scientific-Technical Cooperation.