Today, September 10, Estonian Foreign Minister Margus Tsahkna and Saudi
Arabian Foreign Minister Faisal bin Farhan Al Saud signed a General Agreement between the two countries in Riyadh.
“Gulf states make up one of the fastest-growing economic regions in the world, which is why Estonian businesses are increasingly interested in operating there – a fact illustrated by the 13 companies that joined the business delegation to Saudi Arabia,” Foreign Minister Tsahkna said. “The General Agreement we signed will help to strengthen and support cooperation between Estonia and Saudi Arabia in areas such as the economy, trade, investment, educational technology, science, the creative industries and tourism. This agreement is important for building long-term economic ties, increasing mutual trust, and supporting Estonian companies in entering and operating in Gulf markets.”
The business delegation’s visit was organised by the Ministry of Foreign Affairs in cooperation with Enterprise Estonia (EIS). “The Estonia-Saudi Arabia General Agreement makes it easier for Estonian entrepreneurs to access a fast-growing market where state-level support helps boost credibility and strengthen relations across the region,” noted Eva-Kristiina Ponomarjov, Head of Export at EIS.
According to Taavi Einaste, partner and Area Manager for the GCC region at Nortal, the company has been contributing to the region for many years. Its regional headquarters are in Riyadh, while in Oman it has worked on digitising government services – for instance, Oman’s state portal now allows companies to be registered even more quickly than in Estonia.
“Saudi Arabia and Oman are especially important markets for us. In Saudi Arabia, major reforms and events such as Saudi Vision 2030, Riyadh EXPO 2030, and the 2034 FIFA World Cup are creating new opportunities for innovative companies,” Einaste explained. He also co-chairs the newly established Estonia–Saudi Business Council, set up with companies, business associations and EIS, which aims to further develop business relations between the two countries. “In this region, politics and business are closely intertwined, which makes high-level visits with business delegations extremely important. Estonian ambassadors also play a vital role in supporting our companies.”
He added that from a business perspective, strengthening Estonia’s presence in the region is essential. “As economic relations intensify, we also see the need to expand the network of embassies and EIS export advisers. The General Agreement signed between Estonia and Saudi Arabia, and the decision to establish a business council in Oman, are both very positive steps,” Einaste said.
In addition to the cooperation agreement, Foreign Minister Tsahkna and Saudi Arabia’s Minister of Investment, Khalid bin Abdulaziz Al-Falih, signed a memorandum of understanding on promoting investment. The Estonian hydrogen technology company Stargate Hydrogen, which has been active in Saudi Arabia for more than two years, signed two agreements during the visit covering regional expansion and technology supply. According to company CEO Marko Virkebau, Stargate is working in Saudi Arabia with both the futuristic city project Neom and the renowned university KAUST.
“Our goals in Saudi Arabia are twofold: to sell our electrolysers and to deepen research and development cooperation. During the visit, we are meeting both existing partners and new clients. Being part of a national business delegation is extremely valuable for us, as it opens many doors in the region and creates fresh opportunities for collaboration,” Virkebau said.
During the visit, Foreign Minister Tsahkna and the business delegation also met Saudi Arabia’s Minister of Commerce and Head of Monsha’at, the authority for small and medium-sized enterprises, Dr Majid bin Abdullah Al Qasabi; Talal Al Marri, CEO of Expo 2030 Riyadh, which is organising the World Expo in 2030; Minister of Environment, Water and Agriculture Abdulrahman Abdulmohsen A. AlFadley; and Minister of Energy Prince Abdulaziz bin Salman bin Abdulaziz.
The Riyadh programme also featured a Saudi-Estonian business seminar and the opening of a showroom for the Estonian furniture manufacturer Standard.
The business delegation accompanying the foreign minister included the companies AuveTech, Bamboo Group, Bolt, Cybernetica, DefSecIntel Solutions, Devon Consulting, Helmes, Krabu Grupp, Maritime X, Miltton CIO World, Nortal, Ridango, Stargate Hydrogen, Zero Terrain and 5.0 Robotics. Prior to Saudi Arabia, the delegation had visited Oman.
Additional information:
Communication Department
[email protected]