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.
He suggested stimulating bilateral business councils, increasing benefits from government support, activating cooperation in the small and medium-sized enterprises between the two regions.
Al-Ajlan also supported the establishment of joint companies and an e-platform to promote Russian and Arab products.
This includes organizing exhibitions and removing procedural challenges that limit products’ access between the two sides, and 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”.
The event was a part of the Arab-Russian Business Council held in the United Arab Emirates within Expo 2020 Dubai, supported by the Union of Arab Chambers and UAE Chambers.
Al-Ajlan referred to the bigger role of the Arab-Russian Business Council in activating the relations in a continuous way and to prepare foundations that can further boost relations between the two groups.
It would also contribute to promoting investment opportunities, products, removing non-customs obstacles and enhancing the exchange of commercial delegations, said the chairman.
Also, it is aimed at increasing commercial movement and joint investments, especially since the event is considered a unique opportunity to exchange expertise, develop business and look for new fields of cooperation between the two regions.
Al-Ajlan also stressed the importance of overcoming financial and banking obstacles and stimulating Russian banks to open branches in Saudi Arabia.
He noted the need for speeding procedures to sign a customs exemption agreement, establish a direct navigation route for freight (marine and air) between the two nations to facilitate the export and import processes.
The Chairman stressed on unifying standards to facilitate the flow of products exchange, provide information on the investment laws and environment in Russia.
He also called on increasing the Russian openness to the Saudi business sector instead of only focusing on major government projects and companies.