RIYADH, 16 January 2007 — Finnish Foreign Trade and Development Minister Paula Lehtomaki announced yesterday that his country is preparing to sign a reciprocal investment protection agreement with Saudi Arabia aimed at bolstering trade ties. Saudi Arabia had a 634-million-euro trade deficit with Finland in 2005.
“Details of the agreement have been finalized between the two parties and it will be signed at a special ceremony to be held here in couple of weeks,” said Lehtomaki following a meeting with business leaders at the Riyadh Chamber of Commerce and Industry (RCCI).
RCCI Chairman Abdul Rahman Al-Jeraisy said that he expect a local businessmen to visit Finland in the near future.
“As a result of these discussions, we would like to send a Saudi trade delegation to Finland to identify new areas of interests,” he said.
Lehtomaki, who was leading a 50-member delegation representing 20 Finnish companies, said the purpose of her visit was to deepen and expand the commercial ties between the two countries by meeting potential partners personally to initiate joint venture projects.
“The Kingdom was the fourth largest export destination outside Europe for Finnish business. In 2006, it competed for the title of our No. 1 export destination in the Gulf region,” Lehtomaki added.
Finland’s exports to the Kingdom in 2005 amounted to 645.49 million euros (SR3.1 billion), mostly in the form of telecommunications equipment and paper.
The Kingdom’s exports to Finland in the same year amounted to 11.22 million euros (SR54.5 million), mostly in the form of petrochemicals.
Lehtomaki said she would like to see more Finnish business in the Kingdom in the areas of her country’s technological expertise in areas such as construction, education, healthcare, infrastructure development and environmental protection technologies.
The minister specifically mentioned the Knowledge Economic City currently being built in Madinah.
“Through such projects we could intensify our dialogue and exchange experiences on multifarious issues both bilaterally and regionally between the Gulf countries and the European Union,” Lehtomaki said.
The Finnish minister held meetings with her counterpart, Hashim Yamani, as well as Saudi Arabian General Investment Authority (SAGIA) Gov. Amr Al-Dabbagh, Health Minister Dr. Hamad Al-Manie, Communications and Information Technology Minister Jameel Mulla and Assistant Deputy Defense Minister Prince Khaled Ibn Sultan.