Novosibirsk entrepreneurs got acquainted with the economic potential of the Kingdom of Saudi Arabia

On March 16, within the framework of cooperation between the Investment Promotion Agency of the Novosibirsk Region  and the trade missions of Russia in foreign countries with the information support of  the Novosibirsk City Chamber of Commerce and Industry (NCCCI) was held a webinar “Hour with the Trade Representative” dedicated to the development of trade and economic cooperation between the Novosibirsk Region and the Kingdom of Saudi Arabia.

The event was attended by the Trade Representative of the Russian Federation in the Kingdom of Saudi Arabia Stanislav Yankovets, Advisor to the Director General for International Affairs of the Investment Promotion Agency of the Novosibirsk Region Vasiliy Plotnikov, about 20 Novosibirsk companies of external economic activity, including members of the NCCCI.

Stanislav Yankovets greeted the participants of the conference and told about the economic potential of Saudi Arabia. The country’s foreign trade turnover in 2022 was $428 billion, with exports of $276 billion and imports of $152 billion. The main partners of Saudi Arabia are China, India, Japan, USA and United Arab Emirates. The Russian-Arabi turnover in 2021 was $2.2 billion, in 2022 it was decreased to $1.6 billion due to the world economic situation, difficulties in logistic and transaction.

Nevertheless the state market has demanded niches for cooperation with Russian companies, including: oil engineering, food including grain, food, services of IT companies, educational and medical spheres, green architecture, construction, automation of production, e-commerce.

As Mr. Yankovets noted, Saudi Arabia has program of country’s strategic development called Saudi Vision 2030, which aimed at developing of different spheres of economy. Therefore, Russian companies can enter the Saudi market and offer its services according to the demanded niches.

Summing up the online meeting, the Russian Trade Representative in the Kingdom of Saudi Arabia answered specific questions of entrepreneurs of the Novosibirsk region and expressed his willingness to assist in promoting their products on the Saudi Arabia market.

Press Service of the NCCCI

Mar 17, 2023