RIYADH, 16 July — A ministerial meeting will be held in September within the framework of the Saudi-Italian Joint Economic Commission, which seeks to set up a joint investment body to promote common commercial initiatives.
The move is significant in view of the growing Saudi-Italian relations in different sectors like commerce, trade, culture and politics."A huge Italian delegation comprising senior officials and businessmen to the joint commission meeting will be led by Italian foreign minister", said Mazzanti, first secretary at the Italian Embassy, here today. He said this event, to take place in Rome, will speed up bilateral cooperation in several areas including economy, science and technology.
On the commercial front, the diplomat said trade between the Kingdom and Italy amounted to SR13 billion in 2001 compared to SR9 billion a year before. This includes about SR7.2 billion worth of Italian imports from Saudi Arabia, mainly comprising oil and petrochemicals. The diplomat attributed soaring oil prices, which led to the growth in trade during the last two years. The balance of trade, he said, has been in favor of the Kingdom.
Mazzanti also noted that the move to endorse avoidance of double taxation agreement will boost commercial relations and trade further. "The two countries are in the final phase of negotiations to sign this treaty", he said , adding that an investment protection treaty between the two countries is already in place.
He pointed out Italian companies are currently involved in 54 joint-venture projects with a paid-up capital of SR2.4 billion. This represents about two percent of the total joint ventures by foreign firms in Saudi Arabia. This is in addition to the ongoing negotiations between private sector companies for setting up joint projects.
On the cultural front, Riyadh and Rome have forged closer cooperation. Since the signing of a cultural accord, there have been many contacts among researchers, professors and teachers of different Saudi and Italian universities. He said that the Italian Trade Commission has relocated its office on Olaya Main Road in Riyadh for the convenience of local businessmen and visitors.
