RIYADH: A cross section of leading businessmen from Saudi Arabia and Russia said that the joint business meeting held in Riyadh Thursday serves as “another milestone” in the recent trend of warming ties following the visit of King Salman to Moscow last month. 
“The Kingdom and Russia offer a lot of business opportunities for cooperation,” said Ahmed Sulaiman Al-Rajhi, chairman of Council of Saudi Chambers (CSC), while speaking to Arab News in an exclusive interview on the sidelines of the meeting. Al-Rajhi, who was a member of King Salman’s entourage to Russia, said: “The Kingdom and Russia have already committed $10 billion in joint investments, which now serves as engine for bilateral investment relations.” 
He was referring to the two countries, which announced a deal last year that entails a $10 billion investment from the Public Investment Fund (PIF) to be invested with the Russian Direct Investment Fund (RDIF) in various projects within Russia’s borders. 
“This I say because we would like to move more to investment from trading … we think that the Kingdom has a lot to offer to Russia,” he added. Al-Rajhi also welcomed the Russian business delegation, saying, “We are delighted to receive and interact with this high-end Russian delegation comprising 50 top-notch companies.”
Referring to the outcome of the meeting, a prominent businessman and former Shoura Council member, Osama Kurdi, said that several important issues were raised during the meeting, which will go a long way in contributing to the development of relations between the two countries. To this end, he suggested the need for Russia “to reorganize the visa regime and facilitate visa issuance to Saudis.”
“The Russian visa process is very restricted, and hence there is a need to simplify the process,” said Kurdi. He expressed hope that the Saudi and Russian governments will also work in unison on a priority basis to ensure smooth transfer of funds. “At the moment, the Saudi business community finds it difficult to transfer money between the two countries,” said Kurdi.
“In fact, the balance of trade is highly in favor of Russia, and hence the Kingdom would like to increase its exports to Moscow,” he added.
Referring to the joint investments and the mechanism to protect them, Kurdi said: “Saudi businessmen have underlined the need to start negotiations for prevention of double taxation and protection of joint investments.” 
Speaking to Arab News, Igor Melnikov, head of export of the Rimera Group, said: “Rimera is looking for partners in Saudi Arabia to introduce our technology within the framework of Vision 2030.” 
He pointed out “Rimera, which offers integrated supplies of pipes, mainline and oilfield equipment to fuel and energy companies and production facilities, is talking to the Saudi side to work closely in this sector.”
Melnikov also expressed his appreciation and admiration for the “professionalism of Saudi businessmen and the potential for growth of business ties.” 
To this end, Ilia Vinokur, Sinara’s director of sales division for Asia and the Middle East, underlined the need for cooperation in the railway sector, and said: “We have nine machinery plants in Moscow.”
Referring to his meetings with Saudi minister of transport, Vinokur said: “We discussed prospects of cooperation in the field of railways. The main areas of cooperation are new railway technology, rolling stocks for passengers, train and freight locomotives, which can be used on the high-speed rail lines of the Kingdom.”
He said that Sinara Transport Machines JSC (STM) operates in the field of transport engineering. The company is a leading manufacturer in the market of transport engineering dealing in different segments like electric and diesel locomotive building, and maintenance vehicle and engine building.