Saudi Arabia and Finland agree to form new trade body

Saudi Arabia and Finland agree to form new trade body

RIYADH: Saudi Arabia and Finland have reached an agreement to establish a partnership to strengthen existing SR1.9 billion ($510 million) trade relationship between the two nations.

Representatives of the Federation of Saudi Chambers and the Finnish Chamber of Commerce signed an agreement in Helsinki to create an unison Saudi-Finnish Business Council.

The new entity will focus on the development of new areas for economic cooperation as well as promoting connections with Finland and Saudi Arabia. Saudi and Finnish industries According to Saudi Press Agency.

The Federation also signed a memorandum of agreement with the governmental group “Business Finland” which will have an emphasis on funding and promoting investments and trade between both nations -especially in the areas of digitalization, technology circular economy, energy mining, transport and logistics and health care, as well as water.

In addition to those agreements, an team comprised of 27 representatives from Saudi firms held intense discussions and held meetings together with representatives from the Finnish business community to establish partnerships and negotiate trade deals.

The announcement is made in the same week Saudi Arabia and Finland signed an agreement to improve the air service between the two countries to increase trade.

The kingdom’s General Authority of Civil Aviation and Finland’s Ministry of Transport and Communications reached an agreement to oversee air travel, Saudi Press Agency reported.

The MoU is designed to boost trade and economic relations between the two countries, including the GACA as well as 12 government agencies and 27 companies who are already engaged in cross-border business.

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The agreement deals with air transport-related organizational clausesthat relate to the identification for national carrier, the definition of the number of regular flights between the two countries and the representation of airlines in commercial terms.

The MoU will also open the way for cooperation in the regulatory framework as well as safe and secure air transportation between the two parties.

Saudi aviation statistics tend to surpass the figures of Finland as numbers of people transported through Saudi airline in 2020 putting it at 26.9 million, in comparison to 3.5 million in Finland as per the latest information provided by the World Bank.

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