RIYADH, 23 April — The Kingdom and Belgium reached an agreement yesterday on the protection and encouragement of joint investments, the Saudi Press Agency reported.
The agreement was signed by Minister of Finance and National Economy Ibrahim Al-Assaf and Belgian State Secretary for Foreign Affairs Annemie Neyts.
Belgium is the third country in the European Union (EU), after Germany and Italy, to have signed such a deal with Saudi Arabia, said Assaf.
The minister added that Riyadh and Brussels were currently negotiating a draft agreement abolishing double taxation. Some 12 joint projects are under way between the two countries, totalling $75.4 million in investments, he added.
He called on Saudi businessmen to boost cooperation with Brussels, complaining trade had only amounted to $687 million in 1999.
Al-Assaf said he was looking forward to signing similar agreements with other members of the European Union.
Neyts also met with Minister of Petroleum and Mineral Resources Ali Al-Naimi who reiterated the Kingdom's keenness for maintaining stability in the international oil market. The two ministers underscored the significance of cooperation between the two countries in areas of oil and metallurgy.
The Belgian minister also met with Commerce Minister Osama Faqeeh.
