Speaking to reporters after the signing ceremony, Al-Assaf said the agreement was a legal framework for determining tax-related relations between the two countries. "It will also reduce tax burden on investors," the minister said.

Al-Assaf urged businessmen in the two countries to make use of the agreement and establish more joint investment projects. He said trade exchange between the two countries rose from SR141.5 million in 2000 to more than 403.5 in 2010.