Saudi Arabia and Estonia convened to strengthen their economic bonds as Economy and Planning Minister Faisal Al-Ibrahim engaged in discussions with Estonian Ambassador Jaan Reinhold in Riyadh on Nov. 21
Their talks aimed at exploring avenues for enhancing economic ties, fostering investment opportunities, and identifying mutual areas of interest.
This meeting follows the minister’s prior visit to Estonia in October for the Enterprise Estonia Business Roundtable, aimed at boosting bilateral trade, economic collaboration, and tourism.
Notably, statistics from the General Authority for Statistics highlight a shift in trade dynamics between the two countries. Saudi Arabia’s exports to Estonia in August totaled SR5.6 million, whereas imports from Estonia to the Kingdom amounted to SR5.8 million during the same period.
Saudi Arabia exported plastics, rubber, and metals to Estonia, while importing primarily plant products, machinery, and mechanical appliances.
However, Estonia faced economic challenges due to the fallout from Russia’s conflict with Ukraine, resulting in a downturn in exports and weakened domestic consumption, as highlighted in an International Monetary Fund report from July.
Despite this, both nations signed pivotal agreements covering trade, technology, and entrepreneurship during Saudi Investment Minister Khalid Al-Falih’s visit to Estonia in June. The visit aimed to fortify strategic partnerships and explore mutually beneficial investment opportunities, resulting in the signing of five memorandums of understanding between companies from both sides.
Furthermore, Estonian President Alar Karis expressed eagerness in May to be part of Saudi Arabia’s transformation and development narrative, particularly highlighting the Kingdom’s advancements in women’s rights and social reforms.
Karis emphasized Estonia’s keen interest in engaging with Saudi Arabia’s evolving landscape, intending to contribute and participate actively in its remarkable transformation.