Saudi Arabia and Estonia To Strengthen Economic Ties
Trade, technology, and entrepreneurship agreements were made during a three-day visit to Estonia by Saudi Arabia's investment minister to strengthen strategic alliances and explore mutually beneficial investment prospects. The Kingdom's Ministry of Investment also formed a business council between the Federation of Saudi Chambers and the Estonian Chamber of Commerce and Industry as part of efforts to support the expansion and diversification of commercial connections between the two nations.
During his visit to the central European country, Khalid Al-Falih met with the Estonian Prime Minister Kaja Kallas and other high-level government officials, resulting in companies from both sides signing five memorandums of understanding. One of the MoUs was between Saudi Arabia’s Shammal Commercial Investment Co. and Estonian deep-tech startup GScan to establish a joint venture and introduce muon flux technology — a method of exploration and imaging — to Saudi Arabia, as per arab news.
The entrepreneurship sector department of the Ministry of Investment struck a deal with Estonian computer numerical control machine company 5.0 Robotics to explore expansion potential in Saudi Arabia and build a support structure. In addition, the ministry and Estonian autonomous system developer Auve Tech signed a collaboration agreement, developing a strategic relationship to share experience and investigate manufacturing opportunities in the region.
Another arrangement was reached with Rigel Capital, a capital management business, and Clevon, an Estonian autonomous delivery innovation. The agreement seeks to foster the growth of breakthrough last-mile autonomous technologies and to open a branch of Clevon Academy in Saudi Arabia. Meanwhile, the Estonian-Saudi Investment Forum was conducted to provide a venue for government officials and business sector leaders to discuss investment prospects in technology, entrepreneurship, and the energy transition.