Saudi, Djibouti sign economic cooperation agreement

Saudi Arabia and Djibouti yesterday signed a cooperation agreement in areas including industry, energy, mineral wealth, telecommunications, information technology, housing health, agriculture, water and environmental protection.

The agreement included measures to speed up the development of air transport between the two countries and ways to increase trade through improved maritime transport, according to Asharq Al-Awsat.

The agreement also included ways of increasing the volume of trade and investment exchange between the two countries in accordance with both the Saudi Vision 2030 and Djibouti’s Vision 2035.
A Saudi-Djibouti economic fair was held in Riyadh where businessmen from the two countries held talks.

The agreement focused on strengthening cooperation with the Central Bank of Djibouti to exchange information and credit reports on banks and companies in Djibouti.

Saudi Arabia expressed its desire to set a date for the start of the first round of negotiations within two months to avoid double taxation between the two countries, and the list of members of the Saudi Executive Committee for the Saudi-Djibouti Business Council has also been decided on.

The council will meet after Djibouti selects its members for the committee.