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Russia, Saudi Arabia to boost business ties — energy minister

Relations between Russia and Saudi Arabia have reached a fundamentally new level, according to the Russian energy minister

MOSCOW, October 5. /TASS/. Russia and Saudi Arabia will set up a working group to remove obstacles hampering cooperation between the two countries, Russian Energy Minister and Co-Chairman of the Russian-Saudi Intergovernmental Commission Alexander Novak said at the Russian-Saudi Investment Forum.

"We have just agreed with my counterpart, Co-Chairman [of the Intergovernmental Commission] Mr. Al Qasabi [Minister of Trade and Investment Majed Bin Abdullah Al Qasabi - TASS], that we will set up a special working group, which will oversee the issues of reducing administrative barriers and obstacles to the development of business ties between our two countries," the Russian minister said.

Novak noted that work is underway on a roadmap for the development of trade, economic, scientific and technical cooperation between the two countries for the mid-term perspective.

"This document provides for cooperation in a number of areas, specifically, the energy sector, industry, agriculture, support for small businesses, business activity, sports, science, education and culture," he added.

"Relations between our countries have reached a fundamentally new level recently. Parliamentary contacts show good dynamics, and the two countries business circles maintain intensive dialogue," he said, adding that that significant progress has been made.

According to Novak, for the first time in history, a substantial delegation from Saudi Arabia, which includes about 200 representatives and 85 CEOs of large companies, has come to Russia.

"Eighty-five heads of the largest companies flew to Russia to establish ties with Russian businesses and expand ties in all areas," the Russian minister said.