Saudi-Russian Business Council Proposes Opening Russian Bank in Saudi Arabia

Economics News
Published 20 Jun 2021
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Saudi-Russian Business Council Proposes Opening Russian Bank in Saudi Arabia

In a step that reflects the two countries keener to further facilitate trade and joint economic exchange and cooperation, the Saudi-Russian Business Council of the Federation of Saudi Chambers (CSC) proposed during its second meeting, which was held at the Federation headquarters, a proposal to open a Russian bank in Riyadh, in a step aimed at facilitating trade and economic exchange between the two countries.
The meeting was attended by CSC President Ajlan bin Abdulaziz Al-Ajlan; Russian Ambassador to the Kingdom, Sergey Kozlov and Chairman of the Saudi-Russian Business Council, Tariq Al-Qahtani, as well as a number of Saudi businessmen.
Al-Ajlan stressed the importance of the meeting which he described as a strong push towards developing more trade and economic relations.
The Russian ambassador, for his part, stressed that his country views the development of trade relations between the two countries as a primary task that reflects the desire of the two sides to boost joint cooperation at all aspects, and deepen, revitalize and diversify the partnership and friendship between them, adding that a commercial attaché has been appointed at his country’s embassy in Riyadh, a step that will help overcome all economic obstacles facing Saudi businessmen. The Ambassador also vowed to support and study the proposal to open a Russian bank in Riyadh.
Meanwhile, Al-Qahtani underlined the importance of strengthening economic and trade cooperation during the coming period, adding that the council will take all measures that serve the two countries' objectives to enhance cooperation.
During the meeting, the two sides discussed challenges that contributed to the low volume of trade exchange between the Kingdom and Russia, including the lack of direct shipping service to facilitate import and export operations, and the lack of sufficient information on the business environment and investment opportunities.
The participants also stressed the need to develop a road map for the development of economic cooperation between the two countries by focusing on developing trade and investment agreements, opening a direct airline between the two countries, facilitating visa issuance, and increasing cooperation in the targeted sectors, including the agricultural sector.

Last Modified Date: 20/06/2021 - 7:26 AM Saudi Arabia Time


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