Business Council established between Federation of Saudi Chambers and Estonian Chamber of Commerce and Industry to foster development and diversification of economic ties.

The Minister met with high-level Estonian government officials including Her Excellency Prime Minister Kaja Kallas during three-day visit.

Tallinn, Estonia: Saudi Arabia’s Ministry of Investment (MISA) announced five Memoranda of Understanding and cooperation agreements across trade, technology and entrepreneurship sectors and the creation of a Saudi-Estonian business council as His Excellency Khalid Al-Falih, Minister of Investment for Saudi Arabia, concluded a two-day official visit. 

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 signed included:

•    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.

The Estonian-Saudi Investment Forum saw government officials and private sector leaders 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. 

During the visit, His Excellency met with 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 His Excellency 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 US$412m in 2022.
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About the Ministry of Investment
The ongoing transformation of Saudi Arabia under the Vision 2030 economic development and diversification plan is unlocking new investment opportunities at an unprecedented pace. The Ministry of Investment of Saudi Arabia (MISA) is facilitating access to these opportunities by developing a vibrant cross-government investment ecosystem, facilitated by Saudi Arabia’s National Investment Strategy.

Through a network of representative offices across the world, MISA partners with businesses of all scales and sizes from startups to blue-chip multinationals—to help make investing in Saudi Arabia as simple as possible. MISA also plays a leading role in improving Saudi Arabia’s overall business environment by facilitating investment data across regions and sectors, creating investment incentives, spearheading business reforms and opening up investment opportunities.

For more information on MISA, please visit the website or connect with #MISA on Twitter @MISA and LinkedIn.

About Invest Saudi
Overseen by Saudi Arabia’s Ministry of Investment (MISA), Invest Saudi is the Kingdom’s investment attraction and promotion entity charged with communicating and facilitating investment opportunities.

Invest Saudi is the primary point of contact for foreign investors seeking information and assistance before, during and after their entry into Saudi Arabia. It is committed to working in partnership with potential and current investors to make their investment journey a seamless experience.

For more information on Invest Saudi, please visit the website or connect with #InvestSaudi on Twitter and LinkedIn.