RIYADH, 16 March — The Kingdom and Austria will implement an investment protection treaty within a few weeks from now after the two countries exchange the instruments of ratification. This agreement, which is awaiting approval from the Shoura Council and Austrian Parliament, seeks to promote cooperation in the fields of economy, trade, investment, science and technology.
This was disclosed by Austrian Ambassador Dr. Harald Wiesner, while speaking to Arab News from the UAE yesterday.
Wiesner is in Abu Dhabi to make arrangements for the visit of Austrian President Thomas Klestil to the UAE. Klestil will hold talks with senior Gulf officials on the Middle East peace process within the framework of the proposal presented by Crown Prince Abdullah, deputy premier and commander of the National Guard.
The ambassador said President Klestil, who recently visited Saudi Arabia, will hold wide-ranging talks with senior Gulf officials during this trip on a range of regional and international topics including measures against terrorism and GCC-Austria relations. The president’s entourage will include President of Austrian Parliament Heinz Fiescher and Minister of Defense Hebert Scheibner besides some 50 officials, businessmen and newsmen.
He said that the visit of the Austrian president to the Gulf region — especially to Saudi Arabia and now to the UAE — will give a boost to the GCC-Austrian and Gulf-EU relations. The GCC is the fifth largest trading partner of the EU with the two-way trade exceeding $35 billion annually.
The EU states purchase 47 percent of their total oil consumption from the GCC. These two major economic blocs are also negotiating to sign a free trade agreement.
On commercial front, the Gulf states have been one of the most important trading partners of the EU in general and Austria in particular. “Klestil’s aim is, despite the tense world political situation, to expand the trade and economic relations further,” Dr. Wiesner said.
adding that the peace efforts in the Middle East must be stepped up again and negotiations between Israel and the Arab world must be resumed as soon as possible.
Referring to the investment protection agreement, he said that this treaty, once enforced, will eventually encourage the businessmen from Saudi Arabia and Austria to invest in joint projects in different sectors without any fear. This is the fourth bilateral agreement to be implemented by the Kingdom and an EU member state. Earlier, Saudi Arabia signed agreements with Germany, Italy and Belgium.
The implementation of this treaty will also boost cooperation in oil, mineral, petrochemical, agriculture and health sectors. This will also pave the way to expedite jointly the admission of Saudi Arabia to the WTO besides encouraging exchange of information in the fields of research and technology. The treaty also calls for forging closer cooperation in environment protection, culture and sports.
