Federation of Saudi Chambers Calls for Preparing Roadmap for Arab-Russian Economic Relations

Chairman of the Federation of Saudi Chambers (FSC) Ajlan Al-Ajlan has called for preparing a roadmap to enhance economic relations between Arab countries and the Russian Federation, suggesting stimulating bilateral business councils, increasing benefits from government support, activating cooperation in the small and medium sized enterprises, supporting the establishment of joint companies and an e-platform to promote Russian and Arab products, organizing exhibitions and removing procedural challenges that limit products’ access between the two sides, in addition to intensifying commercial delegations and forums.

The remarks were made during Al-Ajlan’s participation with a working paper on “Prospects for developing Russian-Arab relations in the new global reality”, as part of the Arab-Russian Business Council held in the United Arab Emirates within Expo 2020 Dubai, which is supported by the Union of Arab Chambers and UAE Chambers.

Al-Ajlan referred to the role of the Arab-Russian Business Council as an important platform to enhance economic cooperation between Arab countries and the Russian Federation, noting that the council is still required to play a bigger role in activating the relations in a continuous way and to prepare foundations that can further boost relations between the two groups, contribute to promoting investment opportunities, promote products, remove non-customs obstacles and enhance the exchange of commercial delegations.

He pointed out that the organization of FSC with the participation of Saudi businesspeople in the forum is part of efforts aimed at enhancing economic and commercial relations between the Kingdom of Saudi Arabia and the Russian Federation and increasing commercial movement and joint investments, especially that the event is considered a unique opportunity to exchange expertise, develop business and look for new fields of cooperation between Arab and Russian businesspeople.

Al-Ajlan also stressed the importance of overcoming financial and banking obstacles and stimulating Russian banks to open branches in the Kingdom of Saudi Arabia, as well as speeding procedures to sign a customs exemption agreement, establish a direct navigation route for freight (marine and air) between the two countries to facilitate the exportation and importation processes, unify standards to facilitate the flow of commercial exchange, provide information on the investment laws and environment in Russia, and increase the Russian openness to the Saudi business sector instead of only focusing on major government projects and companies.