RIYADH — Commerce and Investment Minister Dr. Majed Bin Abdullah Al-Qasabi, who is also chairman of the Saudi side at the Saudi-Russian Joint Committee, and Minister of Energy of the Russian Federation and Head of the Russian side at the Saudi-Russian Joint Committee Alexander Novak signed here Thursday the minutes of the 5th Saudi–Russian Joint Committee meeting held during the period Oct. 31–Nov. 2, Saudi Press Agency (SPA) reported Thursday.

This meeting aims to activate commercial and investment partnerships in addition to enhancing cooperation in the commercial, investment, banking, finance, energy, communications and information technology fields apart from the use of atomic energy and outer space for peaceful purposes.

Following the meetings, the two sides expressed satisfaction with the fraternal and constructive atmosphere that prevailed in the meetings and bilateral relations between the two countries.

They also stressed the importance of mutual visits and meetings between the political leaderships and officials in both countries in developing relations.

Dr. Al-Qasabi stressed that the Kingdom seeks to consolidate its commercial partnership with Russia. He disclosed that the two sides reviewed all available promising opportunities in the two countries.

The Russian Energy Minister stressed the depth of Saudi-Russian economic relations, saying that the visit paid by Custodian of the Two Holy Mosques King Salman to Moscow has contributed to enhancing cooperation between the two countries.

The two sides stressed the importance of enhancing bilateral cooperation in various fields reviewed by the committee, expressing a common desire to activate the agreements, memoranda of understanding and programs, which were signed during the visit of King Salman to Russia last month and to enhance trade and investment cooperation.

The two sides also affirmed their determination to promote industrial cooperation in various fields, including aluminum industry. In 2016, the volume of trade exchange between the two countries reached SR2.757 billion, while the joint projects in the private sector between the two countries reached 22 with a capital of SR84 million.

Dr. Al-Qasabi and Novak attended later the opening of the Saudi-Russian Business Forum. The forum, which was organized by the Council of Saudi Chambers in cooperation with the Russian Direct Investment Fund, discussed opportunities for investment in both countries as well as means of increasing the volume of trade and investment exchange. — SPA