Trade relations between the Kingdom and Italy have been developing, Dr. Ibrahim Al-Assaf, Minister of Finance, said here Wednesday. Co-chairing the 10th session of Saudi-Italian Joint Committee with Italy's Minister of Foreign Affairs Franco Frattini, here Al-Assaf said the developing economic ties reflect the attention paid by the leaders of two countries to these relations, noting that the joint committee has been playing an important role in their promotion. He pointed to the large scale projects executed by the Kingdom in the sectors of railway, water desalination and electricity production in addition to other infrastructure projects. Al-Assaf indicated that the growth indicators of the Saudi economy amounted to SR4.2 billion in 2008. He pointed out that the total volume of financial flows of direct investments into the Kingdom in 2008 amounted to SR38.2 billion making the Kingdom one of the top five countries in the world in terms of receiving foreign investments. On his part, the Italian foreign minister stressed deep relations between the two friendly countries as well as strong Saudi economy in the Middle East, saying, “Italy is the main partner to the Kingdom in Europe.” He praised the efforts of the Kingdom in improving the economic climate in the region and expanding the aspects of cooperation and investment. – SPA , adding that such joint meetings would provide the means for enhancing relations between the two countries and coordinating national policies to create an environment for investment.
