During the first visit by the Romanian Minister for Foreign Affairs, Teodor Baconschi to Saudi Arabia, the diplomat signed a convention for the avoidance of double taxation with his Saudi counterpart Prince Saud Al Faisal.
Following the establishment of diplomatic relations sixteen years ago, the dialogue offered the two officials the first opportunity to discuss economic achievements at a bilateral level.
“This is a visit that will open new prospects both for economic cooperation and for political dialogue,” Baconschi said of the meetings. “We would like more Saudi investment in the Romanian economy, Romania’s potential having been presented at the Romania – Gulf Cooperation Council Economic Forum, held in Bucharest in March.”
The double tax agreement signed on the sidelines of the meeting will provide the two countries with a legal framework which will serve to promote increased trade and investment bilaterally.
This will be complemented by the additional signing of a Memorandum of Understanding on bilateral political discussions between the two Foreign Affairs ministries.
Following the establishment of diplomatic relations sixteen years ago, the dialogue offered the two officials the first opportunity to discuss economic achievements at a bilateral level.
“This is a visit that will open new prospects both for economic cooperation and for political dialogue,” Baconschi said of the meetings. “We would like more Saudi investment in the Romanian economy, Romania’s potential having been presented at the Romania – Gulf Cooperation Council Economic Forum, held in Bucharest in March.”
The double tax agreement signed on the sidelines of the meeting will provide the two countries with a legal framework which will serve to promote increased trade and investment bilaterally.
This will be complemented by the additional signing of a Memorandum of Understanding on bilateral political discussions between the two Foreign Affairs ministries.
