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Saudi Arabia, Estonia Strengthen their Cooperation in Digital Economy and Innovation

Saudi Arabia and Estonia Strengthen their Cooperation in Digital Economy and Innovation

The Saudi-Estonian Business Forum discussed (Sunday) ways of trade and investment cooperation, amid aspirations to double the volume of trade exchange between the two countries.

The Estonian Minister of Entrepreneurship and Information Technology, Anders Sot, called on Saudi business owners to visit his country and see the huge investment opportunities in many sectors, especially technical and digital, explaining that digitization in Estonia played an important role in developing the economy and society alike.

He added that Estonian technical companies have great experiences through which they can contribute to the transfer of advanced technologies to Saudi Arabia, including technologies in the field of defense, indicating their interest as well in exploring investment opportunities in the Saudi market, especially in light of “Vision 2030” and Riyadh’s trends towards digitization and modern technology.

 The Governor of the Saudi Digital Government Authority, Engineer Ahmed Al-Suwayan, said that Estonia has become one of the leading countries in the development of government digital services, as about 99 percent of Estonians have a national digital identity, and 99 percent of state services are connected to the Internet.

Al-Suwayan stressed it ranked first in the world in the average Internet speed of the fifth generation technology, second in digital competitiveness among the G20 countries, and ninth globally in digital skills, and 22nd globally in the Global Artificial Intelligence Index.

 The President of the Federation of Saudi Chambers, Ajlan Al-Ajlan, praised the significant developments and transformations witnessed by the Saudi economy since the launch of “Vision 2030” and the steps taken by the country to improve the business environment, stimulate foreign investors and build partnerships with active international partners.

Al-Ajlan expressed their keenness in the Saudi business sector to explore investment opportunities in the Estonian market in the sectors of industry, agriculture, information technology, and tourism, and their aspiration to double the volume of trade exchange between the two countries, estimated at 302 million riyals in 2020.

The Estonian delegation included organizations and companies working in several fields, the most important of which are: the development of Estonia’s international trade, communications and information technology, defense and space, entrepreneurship and innovation, electrical and electronic industries, and financial services.

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