The 2nd session of the Saudi-Russian Joint Committee for Economic and Technical Cooperation started here today under the co-chairmanship of Saudi Minister of Finance, Dr. Ibrahim Al-Assaf, and the Chief of Russian Federal Energy Agency, Sergei Oganesyan. Dr. Al-Assaf delivered a speech in which he said that the Saudi economy witnessed big progress as a result of the free economic policies clarifying that the gross domestic product (GDP) increased at the rate of 3.5 percent and reached to $ 250 billion in 2004. He added that the contribution of the private sector to GDP grew to 44 percent and at the growth rate of 5.7 percent last year. He called on Saudi and Russian businessmen to make all efforts to increase flow of trade and investments. On his part, Oganesyan highlighted the importance of these meetings to develop all aspects of cooperation between the two friendly countries. Then, the participants were briefed by the Secretary General of the Council of Saudi Chambers of Commerce and Industry Dr. Fahd Al-Sultan on various phases of the development of the Saudi economy during the past period.
