Parmelin had travelled to the Kingdom to mark the 70th anniversary of diplomatic relations.
Keystone / Anthony Anex
During a state visit to Saudi Arabia, Swiss President Guy Parmelin signed a new agreement on the promotion and mutual protection of investments. Parmelin had travelled to the Kingdom to mark the 70th anniversary of diplomatic relations.
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The Swiss President held bilateral talks with the Saudi Crown Prince Mohammed bin Salman bin Abdulaziz Al Saud and with the Minister of Investment Fahad bin Abduljalil Al-Saif, according to the Swiss Department of Economic Affairs, Education and Research (WBF). He was accompanied by a high-level economic delegation.
Switzerland and Saudi Arabia have a free trade agreement concluded between the European Free Trade Association (EFTA) and the member states of the Gulf Cooperation Council (GCC). In addition, there is an agreement to avoid double taxation.
According to the press release, Saudi Arabia is the third most important trading partner in the Middle East. It is therefore all the more important, in view of increasing geopolitical tensions, to nurture and strengthen bilateral relations with this economic partner, the statement said.
Translated from German by AI/jdp
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