A Russian-Saudi business forum sponsored by the RF Chamber of Commerce and Industry, the Council of Saudi Chambers of Commerce and Industry, the Russian-Arab Business Council, and the Russian-Saudi Club, is going on in Moscow.

The forum in Russia is attended by a strong delegation of 46 business executives from Saudi Arabia led by Abdul Rahman al-Jureisy, President of the Saudi Council of Chambers of Commerce and Industry. The Russian side of the forum comprises Yevgeny Primakov, President of the RF Chamber of Commerce and Industry; Vladimir Yevtushenkov, Chairman of the Russian-Arab Business Council, Chairman of JSFC Sistema's Board of Directors; Yuri Shafranik, Co-Chairman of the Russian-Saudi Business Club, Chairman of the Russian Union of Oil and Gas Producers; representatives of Russian ministries and departments, and several other officials.

The forum was opened at a festive ceremony at the International Trade Center on July 7. In his welcome address to forum participants, Yevgeny Primakov said: "Prospects for cooperation between our two countries stand on a fairly strong foundation. We are at the head of a road toward a confidential and varied partnership, and, I believe, it will take us a relatively short time to cover that road." "This is a symbolic meeting, one that opens a new page in the history of relations between representatives of our countries' business communities," Vladimir Yevtushenkov stressed in his address. "Business rests on a solid foundation of trust, which is itself a result of meetings and talks. I hope that this meeting will help establish relationships of trust between representatives of the business communities in Russia and the Kingdom of Saudi Arabia.

Mr. Al-Jureisy, head of the Saudi delegation, said at a press conference held at the end of the Forum's first day that Saudi Arabia is interested in stepping up exports of Saudi goods to Russia and opening channels for Russian imports and joint efforts to make investments in both the Russian and Saudi economies.

As part of the forum program, participants met in sessions to discuss banking, manufacturing, construction, agriculture, and other industries.

The Forum will end in St. Petersburg on July 11.

The Russian-Arab Business Council under V.P. Yevtushenkov was set up by the RF Chamber of Commerce and Industry and the General Union of Chambers of Commerce, Industry and Agriculture of Arab Countries in November 2002. The Council has its seat in Moscow. It is concerned with developing and maintaining mutually beneficial collaboration between the business communities in the Russian Federation and Arab countries.