A Russian delegation, headed by Deputy Prime Minister and Minister of Industry and Trade of the Russian Federation Denis Manturov, held a number of bilateral talks with the Saudi side during a working visit to World Defence Show - 2024 in the Kingdom of Saudi Arabia.
Denis Manturov meets with Minister of the National Guard of the Kingdom of Saudi Arabia, Abdullah bin Bandar Al Saud
During the meeting with Minister of Investment of the Kingdom of Saudi Arabia Khalid Al-Falih, it was noted that there is significant potential for expanding trade, economic and investment cooperation between the two countries.
At a meeting with Minister of Industry and Mineral Resources of the Kingdom of Saudi Arabia Bandar Alkhorayef, the focus was on the development of industrial cooperation. Taking into account the priorities set out in the National Programme for the Development of Saudi Arabia's Industry, they discussed promising projects in such areas as the automotive sector, shipbuilding, helicopter manufacturing, pharmaceuticals, oil and gas engineering, and renewable energy.
At a meeting with Minister of Commerce of the Kingdom of Saudi Arabia Majid bin Abdullah Al Qasabi, the sides discussed the necessary steps to increase and enhance the sustainability of bilateral trade. In particular, they emphasised the expediency of intensifying business exchanges and cooperation in the congress and exhibition sphere.
”In the first 11 months of last year, bilateral trade increased by 12 percent, but imports from Saudi Arabia still remain low. We see one of the main challenges in diversifying and achieving a more balanced trade. To this end, in 2021 we opened a Russian Federation trade mission in Riyadh, which assists the business communities of our countries in establishing and developing partnerships, identifying opportunities for cooperation, as well as to identify barriers that impede the implementation of joint projects,“ Denis Manturov added.
During the conversation with Minister of Economy and Planning of the Kingdom of Saudi Arabia Faisal F. Alibrahim, the sides considered the possibilities for coordination in establishing trade and economic ties while taking into account the priority areas of economic development of the two countries. They highlighted the potential for the implementation of joint projects in digital technologies, given the unique competences of Russian IT companies.
In addition, Denis Manturov held meetings with Minister of the National Guard of the Kingdom of Saudi Arabia Abdullah bin Bandar Al Saud and Minister of Defence of the Kingdom of Saudi Arabia Khalid bin Salman Al Saud.
At the invitation of the Saudi side, the Russian delegation viewed the Saudi national exhibition stand.
