Russia’s Energy Minister expects growth in trade between Russia and Saudi Arabia to several billion dollars

MOSCOW, October 4. /TASS/. Trade turnover between Russia and Saudi Arabia can grow many times over several years to several billion dollars, Russian Minister of Energy Alexander Novak said in an interview with TASS. "I think that we can reach several billion dollars in trade turnover. As for investments, they can be much larger," he said. Novak added that Russia sees significant growth potential for meat supplies to Saudi Arabia. "We have a significant development potential in the field of agriculture - in particular, our supplies to Saudi Arabia, for example halal meat. But investment and relevant production is necessary for this," he said. General Director of the Russian Direct Investment Fund Kirill Dmitriev told reporters earlier that Saudi Arabia's investment in Russia will exceed $1 bln after the announcement of new landmark deals during the visit of Saudi Arabia's King Salman bin Abdulaziz Al Saud to Moscow on October 5. "The investment of Saudi partners by the time of the visit will have already totaled $1 bln and we will announce new deals that will increase this figure," Dmitriev said. The trade turnover between the two countries increased by 30% in the first half of 2017 compared to the same period last year, amounting to $430 mln. However, according to most experts, these figures do not correspond to the potential of trade and economic cooperation between the two countries. Read more