Kingdom, Italy agree to strengthen bilateral trade, investment

Secretary General of the Council of Saudi Chambers (CSC) Dr. Saud Al-Meshari and Italian Ambassador Luca Ferrari meet at the CSC headquarters in Riyadh on Wednesday. (AN photo)
Updated 21 January 2017

Kingdom, Italy agree to strengthen bilateral trade, investment

RIYADH: The Kingdom and Italy have decided to strengthen bilateral trade and investment through mutual dialogue.
According to an official from the Council of Saudi Chambers (CSC), the decision was reached during a meeting between CSC Secretary General Dr. Saud Al-Meshari and Italian Ambassador Luca Ferrari at the CSC headquarters on Wednesday.
During the meeting, Al-Meshari said Italy is one of the main trade partners to Saudi Arabia, and highlighted the significant role of the Saudi-Italian Business Council in enhancing joint investments.
He encouraged both sides to capitalize on investment opportunities as both countries possess economic openness and flexibility that are attractive to foreign investors. He also noted that Italy is popular with Saudi tourists.
Ferrari expressed Italy’s keenness on cooperating in investments with the Kingdom, and said his country wants to attract more Saudi investments, particularly in value-added projects.
Stressing the Italian business sector’s efforts and interest in strengthening relations with Saudis, he highlighted the attractive investment environment in Italy, and encouraged more trade visits between the two countries and increased cooperation in exchanging information about the latest business opportunities and technologies.
The two parties also discussed programs for the upcoming Saudi-Italian Joint Committee meeting in Rome this month. A good number of Saudi businessmen are expected to participate in this meeting, where new areas of cooperation could be identified.
The Italian presence in Saudi Arabia has grown over the past few years, with Italian companies active in all fields. Diplomatic ties were established in 1932 in Jeddah.


Russian president Vladimir Putin arrives in Saudi Arabia

Updated 9 sec ago

Russian president Vladimir Putin arrives in Saudi Arabia

  • Riyadh Governor Prince Faisal bin Bandar welcomes Russian leader

DUBAI: Russian President Vladimir Putin arrived in Riyadh on Monday in his first visit since 2007, and is scheduled to have a meeting with Saudi King Salman as well as Crown Prince Mohammed bin Salman.

Riyadh Governor Prince Faisal bin Bandar personally welcomed the Russian leader.

An official welcoming ceremony would be held in honor of Putin and various agreements would signed between the governments of Saudi Arabia and Russia, Al-Arabiya reported.

Putin’s “long-awaited” visit will include discussions on “further cooperation to stabilize prices on the world carbohydrate market” as well as the situation in Syria, the Gulf and Yemen.

The Russian leader, in an interview with Arab broadcasters and aired on Sunday ahead of his arrival, described the “very good relations” with the Saudi leadership.

“We consider Saudi Arabia a friendly nation. I have very good relations with both the King and the Crown Prince,” Putin said, and noted the improved bilateral relations between both countries.

Putin in the interview likewise condemned the Sept. 14 attacks on Aramco facilities, and said “such actions do not bring any positive results to anybody, including perpetrators,” as they do not have a strong effect on the market.

“We condemn any such actions, end of story. This is the official position … regardless of who stood behind the incident,” the Russian president commented.

A forum attended by Saudi Arabian and Russian business leaders and government officials earlier Monday resulted in the signing of several agreements between companies of both countries.

Watch the live coverage of Putin’s arrival:

(Developing)