Saudi Crown Prince Mohammed bin Salman bin Abdulaziz Al Saud hosted Russian President Vladimir Putin at the Yamamah Palace in Riyadh, engaging in a formal discussion session.
The talks centered on reviewing the historical and strategic relations between the two nations and exploring ways to develop them across various fields. The conversation also covered a comprehensive overview of current regional and international situations.
As reported by the Saudi Press Agency (SPA) on Thursday evening, President Putin congratulated the Crown Prince on Riyadh’s successful bid to host the Expo 2030.
In economic, trade, and investment areas, both sides lauded the 46% increase in trade volume in 2022 compared to 2021, acknowledging the substantial shared economic interests between the two countries.
The leaders reaffirmed their determination to continue collaborative efforts to enhance and diversify trade. They emphasized intensifying private sector communication in both countries to explore promising commercial and investment opportunities and turn them into effective partnerships.
They stressed the importance of continuing to bolster mutual and joint investments, enabling the private sector, exchanging visits, holding joint investment forums and events, developing an attractive investment environment, providing necessary facilitators, and addressing any challenges in this field.
In the energy sector, both sides praised their close cooperation and the successful efforts of the OPEC Plus group in stabilizing global oil markets.
They underscored the importance of continuing this collaboration and the need for all participating countries to adhere to the OPEC Plus agreement to serve the interests of both producers and consumers and support global economic growth.
The eighth session of the Saudi-Russian Joint Committee held in Moscow in October 2023 was hailed as a success, where the meeting saw agreement on new areas of cooperation between the two countries.
The bilateral agreement includes enhancing cooperation in the following areas:
- Petroleum and gas, including purchase, supply, standardization of oil and gas equipment, R&D services, petrochemicals, peaceful uses of nuclear energy, electricity, renewable energy (solar, wind, geothermal), supply chain development, and maximizing local resource utilization.
- Geological and scientific exchange to increase geological capabilities through studies and capitalize on investment opportunities in targeted sectors, including pharmaceuticals and medical devices.
Environment, water, agriculture, and food security. - Communications, technology, digital economy, innovation, space, transportation, and logistics.
- Justice and law, initiating discussions on a judicial cooperation agreement in civil and commercial matters.
- Sustainable tourism and boosting tourist movement between the countries.
- Sports.
- Education, higher education, research, innovation, medical and technical training, and language education.
- Media.
- Health.
