RIYADH: Saudi Arabia and Finland have finalized the text of a model investment protection treaty and launched negotiations on the avoidance of double taxation accord. Finland, which is famous for its 56,000 lakes and lush green forests, has also started exporting fresh bottled water to the Kingdom.
In a press briefing here on Wednesday, Martti Isoaro, Finnish ambassador, said; “The process of signature for investment protection agreement is under way.”
Isoaro, accompanied by Ulla-Maija Nevalainen, deputy head of the mission during the press conference, gave an overview of growing Saudi-Finnish relations in various business sectors. He also spoke about the status of Islam in the country, a secular state, which has sent over 200 Finnish Muslims for Haj this year.
Referring to the investment protection treaty and the proposed accord on the avoidance of double taxation, he said that these treaties would further boost commercial links. He noted the presence of several Finnish companies in Saudi Arabia. As an example, the envoy pointed out that Outokumpu of Finland, one of the global leaders in steel, has set up a joint-venture with a local company. Another Finnish company Poyry, a global expert in consulting and engineering, has also entered into the Saudi market.
Asked about the proposal to export clean ground water to Saudi Arabia, Isoaro said that “there were some fancy plans, which were not commercially viable but Nord Water, a leading exporter of bottled water company in Finland, has been supplying water to the Kingdom.
