Russia and Saudi Arabia set to increase trade turnover to $5 bln

Russia and Saudi Arabia set to increase trade turnover to $5 bln

There are prerequisites for the growth of bilateral trade between Russia and Saudi Arabia in 2023, with the parties seeking to reach an indicator of $5 billion "in the foreseeable future," Russian Ambassador to Saudi Arabia Sergei Kozlov said.

Bilateral trade and economic ties between the countries are characterized by positive dynamics, but in January-November 2022, Russian-Saudi trade has slightly decreased, Kozlov said.

"But the volume of $1.6 billion is quite significant. In our opinion, there are good prerequisites for further growth in 2023. Moreover, both the Russian and Saudi sides intend to reach the indicator of $5 billion in the foreseeable future, outlined by the top leadership of Russia and Saudi Arabia," the ambassador said.

He noted that Moscow considers Riyadh a promising trade and economic partner, whose role in global and regional affairs is steadily increasing.

Earlier in the day, Kozlov said that the export of Russian agricultural products to Saudi Arabia in 2022 witnessed an unprecedented growth of almost 50%, approaching $1 billion.

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