Saudi-Russian Investment And Business Forum Inaugurated By Energy Minister And Deputy Prime Minister

The Saudi-Russian Investment and Business Forum was inaugurated in Riyadh by Minister of Energy Prince Abdulaziz bin Salman bin Abdulaziz and Russian Deputy Prime Minister Alexander Novak. This event, organised by the Saudi ministries of energy and investment, aimed to enhance economic ties between Saudi Arabia and Russia. It gathered senior officials, experts, and investors from both nations.

On the sidelines of the forum, a memorandum of understanding (MoU) was signed by the Saudi Ministry of Energy and the Russian Ministry of Economic Development. This MoU focuses on cooperation in climate change and low-greenhouse-gas-emissions development. The agreement aims to create a framework for collaboration in climate action, aligning with the United Nations Framework Convention on Climate Change (UNFCCC) and the Paris Agreement.

The MoU includes exploring technologies and solutions for mitigating climate change. It covers joint opportunities in reducing greenhouse gas emissions, abatement, removal activities, and improving energy efficiency. This partnership seeks to serve mutual interests while strengthening ties between the two countries.

Prince Abdulaziz also witnessed the signing of an agreement on mutual visa waivers between Russia and Saudi Arabia. This agreement was signed by Minister of Foreign Affairs Prince Faisal bin Farhan bin Abdullah for Saudi Arabia and Russian Deputy Prime Minister Alexander Novak for Russia.

An additional agreement was signed between the King Abdulaziz Foundation for Research and Archives (Darah) and Russia's Federal Archival Agency. This agreement focuses on cooperation within their areas of expertise, including information exchange, organising symposia, forums, exhibitions, sharing publications, related materials, mutual visits, and expertise.

The cultural exchange agreement was signed by Darah CEO Turki bin Mohammed Al-Shuwaier and Andrey Yurasov, Minister of State and Deputy Head of the Federal Archival Agency. These agreements highlight a commitment to fostering collaboration across various sectors between Saudi Arabia and Russia.

This forum marks a significant step towards enhancing bilateral relations through economic cooperation and cultural exchange initiatives. By focusing on shared goals in climate action and easing travel restrictions through visa waivers, both nations aim to strengthen their partnership further.

With inputs from SPA