Meeting of the Chairman of ERI Management Board

Yesterday, on June 22, Ruslan Sultanov, the Chairman of the Management Board of Economic Research Institute JSC, met with Abdul Aziz bin Abdullah Ad-Daud, the Ambassador of the Kingdom of Saudi Arabia to Kazakhstan.

For reference: the economy of Saudi Arabia is among the top twenty economies in the world (G-20). In 2020, Saudi Arabia ranked 19th in the world in terms of GDP, which amounted to USD 680.9 bln. The decline in GDP by 14.1% compared to 2019 is due to the impact of COVID-19 pandemic and the decline in oil production.

During the meeting, Ruslan Sultanov spoke about the Institute's activities and areas of focus, and also noted that this year marks the 60th anniversary of the company's establishment.

During the meeting  the potential for diversification of commodity economies has been discussed.

The Ambassador discussed the key objectives of Saudi Arabia’s National Reform Programme Vision 2030 which envisages a reorientation of the economy by changing the country's and people's sources of income, increasing the share of private enterprise, development of transport and economic zones.

According to Abdul Aziz bin Abdullah Ad-Daud, NEOM is one such zones - a smart city in Tabuk province, that will also be open to tourists. The main idea of the project is that the city will be fully functional due to renewable energy sources.

It was noted that, in order to promote tourism in the Kingdom, special attention is paid to historical sites, especially the Al-Ula Oasis, which contains more than 27,000 artefacts.

In the area of scientific cooperation, Ruslan Sultanov, the Chairman of the ERI Management Board, noted that the Institute is currently working to expand its academia partnership network and cooperation with foreign research institutions.

With a view to sharing expertise and further cooperation, the meeting has reached the agreements to collaborate with similar Saudi research institutions and to conduct joint economic analyses, including on trade policy issues.