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.
