Trade with Saudi Arabia rising; cooperation in mining lucrative: Finland Minister

Trade exchange between Saudi Arabia and Finland is on the rise due to the ongoing efforts to strengthen and expand bilateral trade relations, Finnish Minister of Economic Affairs Wille Rydman told Argaam.

On the sidelines of the Future Minerals Forum (FMF), Rydman said Finland sees immense potential for cooperation in the mining sector, especially in exploration operations, as the countries hold extensive experience in processing raw materials, exploration techniques, and commitment to environmental, social, and governance (ESG) standards.

The Geological Survey of Finland very activity in the Kingdom, he added.

The minister highlighted that his country is focusing on crucial materials for manufacturing batteries, stressing the importance of using all raw materials efficiently, even those that fall outside the scope of battery production.

He also expressed his confidence in the mutual growth and benefits arising from cooperation between the Kingdom and Finland, as several Finnish companies have realized the potential of the Saudi market, pointing to great opportunities for mutual interests and investment potential in various sectors.

As for the regulatory frameworks and policies, Rydman revealed that Finland is in the process of developing a new strategy for minerals this year, adding that there are regular updates to financial legislation as it is vital for a balance between economic activities and environmental considerations.

Talking about the performance of the Finnish economy by the end of 2023, Rydman said that there are challenges resulting from geopolitical issues such as the war in Ukraine and the aging population. However, despite these challenges, Finland remains committed to ambitious goals, with the aim to achieve balance in the state budget while investing heavily in research and development.

He also stressed the importance of research and development for future growth, expressing his confidence in achieving the investment target of 4% by 2030.