Business
Saudi Arabia: Italian minister in visit to boost ties
Riyadh, 14 October (AKI) - Italy's foreign minister Franco Frattini told a delegation of Italian businessmen on Wednesday he hoped his current visit to Saudi Arabia would help strengthen the presence of Italian companies in the oil-rich state.
Italy is Saudi Arabia's primary business partner among European Union members states, and intends to capitalise on the rapid economic diversification taking place under Saudi ruler King Abdullah bin-Abdulaziz Al-Saud and other other Gulf state monarchs.
"We need to consolidate the presence of Italian firms in this market and take part in the ambitious projects to modernise the region," Frattini told the Italian business delegation.
The Saudi government has rolled out an ambitious programme of public expenditure for the current year to help the economy switch away from oil dependency and fight the effects of global recession. It has allocated around 95 million euros to infrastructure projects, the education sector, training and health projects.
During his visit, Frattini is co-chairing the tenth mixed bilateral commission being attended by numerous Italian firms - from Italitel and Italcementi to Finmeccanica and Snam Progetti, as well as leading banks including Mediobanca, Intesa San Paolo and Unicredit.
The Italian companies and lending institutions explained to Frattini the problems they encounter doing business in Saudi Arabia and put forward recommendations on improving the business climate there.
"The Italian and Saudi governments need to create a more favourable business environment, as is already happening with the introduction of measures to avoid paying tax twice, for example," said Frattini.
He was opening the bilateral commission meeting together with Saudi finance minister Ibrahim al-Assaf.
Saudi Arabia is the only Gulf state and OPEC member that belongs to the G20 group of nations. "It shares the same points of view on key issues currently being discussed by the G20 and other international forums especially the reform of international economic governance," Frattini stated.
He said Italy views the Saudi monarchy as a key reference point for all the main regional issues and "a cornerstone of peace in the Middle East".
Frattini noted Saudi Arabia's role in stabilising Lebanon, as shown by Abdullah's recent visit to the Syrian capital, Damascus - the first by a Saudi monarch since 2005.
Saudi Arabia has also assumed a crucial role in negotiations with Iran over its nuclear programme, Frattini said.
"Italy wants the Saudi authorities to be kept informed on ways of tackling the issue and was the first country to suggest to the US that it include Saudi Arabia in talks with Iran."
Last week Saudi Arabia held talks with G7 nations plus South Korea, Australia and the United Emirates on a plan of action should ongoing talks between Iran and six world powers fail.
Italy is Saudi Arabia's primary business partner among European Union members states, and intends to capitalise on the rapid economic diversification taking place under Saudi ruler King Abdullah bin-Abdulaziz Al-Saud and other other Gulf state monarchs.
"We need to consolidate the presence of Italian firms in this market and take part in the ambitious projects to modernise the region," Frattini told the Italian business delegation.
The Saudi government has rolled out an ambitious programme of public expenditure for the current year to help the economy switch away from oil dependency and fight the effects of global recession. It has allocated around 95 million euros to infrastructure projects, the education sector, training and health projects.
During his visit, Frattini is co-chairing the tenth mixed bilateral commission being attended by numerous Italian firms - from Italitel and Italcementi to Finmeccanica and Snam Progetti, as well as leading banks including Mediobanca, Intesa San Paolo and Unicredit.
The Italian companies and lending institutions explained to Frattini the problems they encounter doing business in Saudi Arabia and put forward recommendations on improving the business climate there.
"The Italian and Saudi governments need to create a more favourable business environment, as is already happening with the introduction of measures to avoid paying tax twice, for example," said Frattini.
He was opening the bilateral commission meeting together with Saudi finance minister Ibrahim al-Assaf.
Saudi Arabia is the only Gulf state and OPEC member that belongs to the G20 group of nations. "It shares the same points of view on key issues currently being discussed by the G20 and other international forums especially the reform of international economic governance," Frattini stated.
He said Italy views the Saudi monarchy as a key reference point for all the main regional issues and "a cornerstone of peace in the Middle East".
Frattini noted Saudi Arabia's role in stabilising Lebanon, as shown by Abdullah's recent visit to the Syrian capital, Damascus - the first by a Saudi monarch since 2005.
Saudi Arabia has also assumed a crucial role in negotiations with Iran over its nuclear programme, Frattini said.
"Italy wants the Saudi authorities to be kept informed on ways of tackling the issue and was the first country to suggest to the US that it include Saudi Arabia in talks with Iran."
Last week Saudi Arabia held talks with G7 nations plus South Korea, Australia and the United Emirates on a plan of action should ongoing talks between Iran and six world powers fail.
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