Saudi-Russian ties will create positive impact on world economy

Saudi Minister of Energy, Industry and Mineral Resources Khalid Al-Falih and his delegation on Thursday met with Russian Minister of Industry and Trade Denis Manturov in Moscow, on the margins of King Salman’s current visit to the Russian Federation.
The meeting discussed the importance of coordination between the Kingdom and Russia in the field of manufacturing, aluminum, boats, and oil and gas drilling equipment, as well as electronics, and communication and navigation controls.
The two ministers also stressed the importance of cooperation in the industry of trains and railroad tracks and the importance of looking to the Russian experience in nationalizing some industrial private sectors, indicating that the king’s visit to Russia will boost bilateral relations and that coordination between the two countries will have positive impacts on the world’s economy, politics, and especially the energy sector.
Al-Falih emphasized the importance of cooperating in non-oil fields as well, such as manufacturing and mining, and reaching to the emerging markets of Africa and the Middle East, stressing the importance of the collaborative work to overcome obstacles and raise the level of the two countries’ commercial exchange, especially since the Saudi political leadership and executive institutions are fully ready and willing to do so.
Al-Falih also stressed that the Saudi companies are oriented toward the Russian market, stressing the importance of the Saudi Export Development Authority’s organization of Saudi industries’ exhibitions in Russia to support this investment orientation.
Al-Falih called for the formation of a joint team to benefit from the Russian experience in developing manufacturing supply chains and small and medium industries.
The Kingdom welcomes all energy resources, regardless of their type or extraction locations, including solar energy. The Kingdom now offers investment in the renewable energy sector, and Russia is welcome to invest, he added.
Al-Falih lauded the visit of King Salman to Russia, saying it will benefit both countries’ interests.
He pointed to the Kingdom’s establishment of a solar electricity facility this week, for the cheapest prices ever recorded, which is enough to attract investors, and especially the fellow Russians.
Al-Falih told the SPA: “Saudi-Russian cooperation in the economic field is continuing, and we are working on promoting this cooperation, the reason why I have already visited Russia three times this year.”
“As we witness an increasing demand on oil from the developed and emerging countries, the world will need all oil resources, including shale oil,” he added.