RIYADH, 12 March 2008 — Saudi Arabia and Sweden signed an agreement to promote trade and investment between the two countries in Riyadh yesterday. While Saudi Finance Minister Ibrahim Al-Assaf represented Saudi Arabia, Swedish Minister for Trade Ewa Björling, signed the agreement on behalf of her country.
“The agreement represents the legal framework to guarantee the protection of the investments and rights of the investors in both the countries,” Al-Assaf said after the signing the agreement. The finance minister hoped that the agreement would prompt an influx of Swedish investments to the Kingdom.
The balance of trade between the two countries was estimated at SR4 billion in 2006. While the Saudi-Swedish investments approved by Saudi Arabian General Investment Authority (SAGIA) stood at SR883 million in 2006, there are currently 17 joint projects operating in the Kingdom.
Björling said Saudi Arabia’s entry to the World Trade Organization was a boost to the trade between the two countries. The minister called on businessmen in both countries to remove the obstacles that stood in the way of their investing.
“We have to support the small and medium level companies because that is the way to help develop the economy of any country,” Björling said.
The Swedish minister also said that she discussed with Commerce and Industry Minister Abdullah Zainal Alireza, Capital Market Authority Chairman Abdul Rahman Al-Tuwaijri, and SAGIA Governor Amr Al-Dabbagh the advantages of implementing the norms of corporate governance and social accountability to the national economies and trade in general. She pointed out that Sweden was in the forefront of the countries that maintain transparency and social accountability in the corporate sector.
