The Federation of Saudi Chambers and the Finland Chamber of Commerce signed on Friday a memorandum of understanding (MoU) in Helsinki to establish a joint Saudi-Finnish Business Council.

Under the MoU, the Council will carry out commercial and promotional activities systematically in the field of trade and investment, while focusing on the targeted sectors in the economic cooperation agenda.

It will also focus on developing new areas of economic cooperation, promoting links between the Saudi and Finnish business sectors and exchanging information on available markets and investment opportunities.

The Federation also signed an MoU with the government program, Business Finland, which is specialized in financing and promoting trade and investment in Finland.

The MoU seeks to ensure bilateral cooperation in the field of promoting bilateral trade and investment, particularly in technology, digitalization, energy, circular economy, mining, transport and logistics services, health care and water sectors.

The agreements are expected to reflect positively on the role played by the two countries’ business sectors and increase their joint economic activities in a way that supports the development of their trade exchanges.

Meanwhile, a delegation of 27 representatives of Saudi companies in various economic sectors held intensive talks and meetings with the Finnish business sector to explore the available trade and investment cooperation opportunities and establish commercial partnerships.

The volume of trade exchange between the Kingdom and Finland amounted to about SAR1.9 billion in 2021, of which SAR37 million ($10 million) are Saudi exports.

Saudi Arabia’s Minister of Commerce and Chairman of the General Authority for Foreign Trade Dr. Majid al-Qasabi has recently underscored the importance of bolstering economic partnership and expanding and diversifying bilateral trade, which is estimated at $645 million annually.

He also called for benefiting from Finland’s leadership in research and development, education and training, start-ups, innovation and other sectors.

Qasabi arrived in Helsinki heading a high-level Saudi delegation to participate in the activities of the forum organized by the Business Finland program, in cooperation with the Federation of Saudi Chambers.

He said that since Vision 2030, the Kingdom’s economy has been transforming into a global commercial and logistical hub by taking advantage of its geographic location and potentials that are currently being developed in light of the National Strategy for Transport and Logistics Services.