Saudi Arabia’s Ministry of Investment (MISA) has signed five Memoranda of Understanding and cooperation agreements across trade, technology and entrepreneurship sectors with Estonia.
A Saudi-Estonian business council was also formed as Khalid Al-Falih, Minister of Investment for Saudi Arabia, concluded a two-day official visit to Estonia.
The Minister had led a Saudi business delegation to Estonia to bolster strategic partnerships and explore mutually beneficial investment opportunities at the Estonian-Saudi Investment Forum.
The agreements
*A cooperation agreement between the Federation of Saudi Chambers and the Estonian Chamber of Commerce and Industry for the establishment of a Business Council.
*A Memorandum of Understanding between Saudi’s Shammal Commercial Investment Company and Estonian DeepTech startup GScan to establish a Joint Venture and to introduce Muon Flux Technology to Saudi Arabia.
*An agreement between the Ministry of Investment of Saudi Arabia’s (MISA) entrepreneurship sector department and Estonian Computer Numerical Control machine manufacturer 5.0 Robotics to establish a framework of support to explore opportunities for expansion in Saudi Arabia.
*A cooperation agreement between MISA and Estonian autonomous system developer Auve Tech to establish a strategic partnership to share expertise and explore manufacturing options in the region.
*An agreement with capital management firm Rigel Capital and Estonian autonomous delivery innovator Clevon to support expansion of innovative last-mile autonomous technology and the establishment of a Clevon Academy branch in Saudi Arabia.
Estonian-Saudi Investment Forum
The Estonian-Saudi Investment Forum opened the gates for government officials and private sector leaders to explore mutually beneficial investment opportunities in sectors such as technology, startups and the energy transition through a series of presentations, panel sessions and a B2B networking session.
Al-Falih met several high-level government officials and private sector leaders including Prime Minister Kaja Kallas, Minister of Economic Affairs and Information Technology Tiit Riisalo and Minister of Regional Affairs Madis Kallas to identify avenues for enhancing bilateral relations.
The Minister of Investment’s visit follows eight official visits over the past 24 months between both nations, most recently with the Governor of Saudi Arabia’s Digital Government Authority (DGA) Eng Ahmed Mohammed Al-Suwayan’s visit to Estonia in May where he held a series of meetings on bilateral cooperation and expertise exchange. Trade between Saudi Arabia and Estonia reached $412 million in 2022.-- TradeArabia News Service