JEDDAH: The Jeddah Chamber of Commerce and Industry (JCCI) signed a Memorandum of Understanding (MoU) with the Russian Republic of Bashkortostan Chamber of Commerce and Industry on the sidelines of the ongoing Jeddah Economc Forum 2011. The MoU was signed by Mazen Mohammed Bin Batterjee, vice chairman of the JCCI, and Ezzat Fazlyev, vice president of the Bashkortostan Chamber of Commerce, with the aim of building better trade ties for the mutual benefit of both countries. A large delegation of Bashkortostani businesspeople was at the JEF 2011 to build business relationships in the Kingdom and promote investment opportunities. The VP of the JCCI said the MoU is an important step on wider business opportunities for both countries' Chambers to strengthen the size of trade relations between both countries. He pointed out that both parties will take into consideration collaborative coordination in organizing partnership activities and added that “both parties will work on facilitating the flow of information exchange in regards to economical and trade cooperation between the countries and the member companies in all aspects. Updated economic and trade policies, regulations and laws will be shared to facilitate business processes and this will motivate companies in both countries to increase cooperation to strengthen relations.” The World Bank has ranked the Kingdom as the 11th easiest country in which to do business. The Kingdom is also actively seeking for FDI to diversify its economy. The MoU seeks to enhance the trade between the Kingdom and Bashkortostan which has been minimal to date. New opportunities that would be of mutual benefit are being investigated to drive economic and trade relationships. Bashkortostan is one of the top 10 most productive economies in Russia particularly for its oil and gas extraction and refining plant. The visiting delegation aimed at promoting investment opportunities in the Republic particularly in agriculture and medical tourism. Batterjee emphasized on the efforts both Chambers are taking for organizing, supporting and assisting formal trade delegation visits between both countries. Local and international forums are on their target lists and both Chambers will facilitate the necessary procedures and provide the needed assistance to hold workshops and seminars to create more opportunities for member companies.
