Saudi-Italian Joint Committee Holds Session

Riyadh, October 14, SPA--The Minister of Finance Dr. Ibrahim bin
Abdulaziz Al-Assaf and Italy's Minister of Foreign Affairs Franco
Frattini co-chaired here today the10th session of Saudi-Italian Joint
Committee.
Addressing the session, Dr. Al-Assaf pointed out that economic
relations between the Kingdom of Saudi Arabia and Italy have
witnessed important economic developments reflecting 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
government of the Custodian of the Two Holy Mosques King Abdullah bin
Abdulaziz Al Saud in the sectors of railway, water desalination and
electricity production in addition to other infrastructure projects.
Dr Al-Assaf indicated that growth indicators of the Saudi
economy amounted to %4.2 in 2008.
He pointed out that the total volume of financial flows of direct
investments into the Kingdom in 2008 amounted to $ 38.2 billion
making the kingdom one of the top five countries in the world in
terms of receiving foreign investments.
On the global economy, the Minister of Finance stressed that the
Kingdom has been continuing its great efforts to achieve stability in
the world oil markets through its continued great investments in
expanding producing and refining capacity to maintain balanced and
acceptable prices to producers and consumers.
On his part, the Italian Foreign Minister stressed deep relations
between the two friendly countries as well as Saudi strong 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 cooperation
and investment, 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.
--SPA