Finland Looks for Strategic Partnership with Saudi Arabia in Hydrogen, Green Energy Fields

Finnish Ambassador to Saudi Arabia Anu-Eerika Viljanen (Asharq Al-Awsat)
Finnish Ambassador to Saudi Arabia Anu-Eerika Viljanen (Asharq Al-Awsat)
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Finland Looks for Strategic Partnership with Saudi Arabia in Hydrogen, Green Energy Fields

Finnish Ambassador to Saudi Arabia Anu-Eerika Viljanen (Asharq Al-Awsat)
Finnish Ambassador to Saudi Arabia Anu-Eerika Viljanen (Asharq Al-Awsat)

At a time when Finland is looking forward to maximizing its strategic partnership with Saudi Arabia, a Finnish diplomat revealed that Helsinki is looking to intensify student exchange, tourism, investments, and trade with Riyadh in the coming period.

Huge projects included in Saudi Arabia’s national transformation plan, Vision 2030, offer large-scale business opportunities for various Finnish companies, noted Anu-Eerika Viljanen, the Finnish ambassador to Saudi Arabia.

“Finland will be an excellent partner in achieving the goals of the Kingdom's Vision 2030 in a number of areas,” Viljanen told Asharq Al-Awsat.

Viljanen emphasized that Finland is a global leader in information and communication technology, digitization, education, health care, renewable energy solutions, the games industry, and hospitality.

“Our economies and commercial sectors complement each other,” explained Viljanen.

Saudi Arabia is the most important export destination for Finland in the Gulf region, she revealed, adding that her country's exports to the Kingdom amounted to 298 million euros in 2021.

According to Viljanen, new areas of cooperation between the two countries include: games, electronic sports, health, and well-being. Saudi Arabia and Finland, however, are looking forward to intensive cooperation in various other sectors soon.

Moreover, the tourism sector plays a fundamental role in the Kingdom’s Vision 2030, which has generated a wide range of various short and long-term projects under construction in Saudi Arabia.

“There is plenty of room for an increase in tourism from Finland to Saudi Arabia and vice versa,” noted Viljanen, revealing that cooperation in the fields of electronic industries, technology, mining, green economy, hydrogen, and renewable energy was also progressing.

“All these areas hold great potential for cooperation between our two countries,” she asserted.

“Finnish companies have strength in areas of AI and digitization such as 5G networks, bio-networks, circular economy, green energy production, mining technology and mineral processing in a sustainable way,” added Viljanen.

Viljanen’s statements come at a time when several successful high-level visits were conducted between Saudi Arabia and Finland.



IMF Makes Progress Toward Reaching Staff Agreement with Pakistan on First Review of $7 Bln Program

People buy dry fruits at a market in Karachi, Pakistan February 1, 2023. (Reuters)
People buy dry fruits at a market in Karachi, Pakistan February 1, 2023. (Reuters)
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IMF Makes Progress Toward Reaching Staff Agreement with Pakistan on First Review of $7 Bln Program

People buy dry fruits at a market in Karachi, Pakistan February 1, 2023. (Reuters)
People buy dry fruits at a market in Karachi, Pakistan February 1, 2023. (Reuters)

The International Monetary Fund (IMF) and Pakistani authorities made significant progress toward reaching a staff level agreement on the first review of an ongoing $7 billion program, IMF Mission Chief Nathan Porter said in a statement on Saturday.

The mission and Pakistani authorities will continue policy discussions via video conference to finalize these discussions over the coming days, the statement said, according to the Pakistani newspaper, The News.

“The IMF and the Pakistani authorities made significant progress toward reaching a Staff Level Agreement (SLA) on the first review under the 37-month Extended Arrangement under the Extended Fund Facility (EFF),” Porter said in a statement on Friday.

The lender's team, led by Porter, was in Pakistan from February 24 to March 14 to hold discussions on the first review of Pakistan's economic program supported by the EFF and the possibility of a new arrangement under the lender's Resilience and Sustainability Facility (RSF).

The South Asian country, which has faced an economic meltdown in recent years, is treading a long path to economic recovery under the $7 billion IMF program it secured in September last year.

Meanwhile, the Pakistan-Afghanistan Joint Chamber of Commerce and Industry has called for immediate action from Islamabad to resolve the trade crisis with the Taliban and Central Asian countries.

The chamber’s president highlighted the negative impacts of the closed Torkham border crossing and transit taxes on Pakistan’s economy and regional trade.

Junaid Makda, president of the Pakistan-Afghanistan Joint Chamber of Commerce and Industry, said on Friday that increasing trade barriers, rising transportation costs, and the continued closure of the Torkham border are severely harming cross-border businesses.

Makda also warned of potential long-term damage to Pakistan’s economy due to the ongoing situation, stating that it forces traders to use Iranian ports instead of Pakistani routes, which will harm the country’s trade network.

The Torkham border has been closed for more than 20 days due to border tensions between Pakistan and the Taliban. Pakistan’s Ministry of Foreign Affairs has stated that the crossing will remain closed until the Taliban halt construction activities in the area.