ممثلية المملكة العربية السعودية في اليونان Republic of Greece About Greece Saudi Relations with Greece Saudi Relations with Greece Page Image Image Caption Page Content The Saudi-Hellenic relations are very cordial and built on strong historical foundations and both sides work relentlessly for bringing it to new heights, assisted by the availability of common understanding, mutual cooperation and shared values. Cooperation and coordination between the two countries happily exists on the following sectors: 1. Trade and Economy The Kingdom of Saudi Arabia enjoys a predominant position in its commercial balance of trade with Greece as its exports represent 49.9 % to 62% of the total Arab exports to the Hellenic Republic. On the other hand the Kingdom imports 4.09 to 13.31% of the total Arab world’s imports from Greece. Concerning the private sector, a Saudi businessmen delegation visited Greece, twice this year, attending a forum held on March, 2008 and another one on November, 2008. These forums were organized by the Arab-Hellenic Chamber of Commerce and Development in Athens. The Saudi businessmen delegation seized the opportunity to inform their Greek counterparts about the investment opportunities in the Kingdom and to apprise them of the new attractive investment rules promulgated recently by the Saudi Government. During their first visit, a Memorandum of Understanding (MoU) of cooperation was signed between Jeddah Chamber of Commerce and Industry and Athens Chamber of Commerce and Industry and during their last visit another MoU of cooperation was also signed between Jeddah Chamber of Commerce and Industry and the Arab-Hellenic Chamber of Commerce and Development. 2. Political Consultations Both countries have signed a Memorandum of Understanding for bilateral political consultations between their two Ministries of Foreign Affairs in Riyadh and Athens. There is also an excellent coordination and cooperation between the Kingdom and Greece concerning the nominations and candidatures for seats in the various international organizations, councils and affiliated committees. 3. The Exchange of Visits The exchange of visits on an official level between the two countries, continue to rise and multiply. One can mention for instance the visit of the General Secretary of the Hellenic Ministry of Foreign Affairs to Riyadh, in 2002 and also the fruitful and successful visit of President Papoulias to the Kingdom in April 2006, with a large delegation including a number of prominent Greek businessmen. There was also the visit of H.R.H. Prince Saud Al Faisal, the Saudi Minister of Foreign Affairs, to Athens in November 2008. In addition to that, we expect more visits between our two friendly countries in the months and years ahead. 4. Agreements concluded: In the field of mutual cooperation between our two countries one can also note: a) An agreement for the avoidance of double taxation on income and capital concluded last year 2008. b) An agreement for the avoidance of double taxation on the aviation services specifically concluded in the years 2007. c) A draft agreement between Saudi Arabia and Greece for the encouragement and reciprocal protection of investments is being studied and hopefully will be signed in the near future. d) An agreement concerning the cooperation in the economic and technical sectors that led to the formation of a joint Ministerial committee which held several meetings, was signed many years ago, and its fourth session is being scheduled in Riyadh the capital of Saudi Arabia. 5. Agreements and Memorandum of Understandings (MoU) which will hopefully be signed once their drafts are finalized by the two sides: a) A draft agreement for fighting crime. b) A draft agreement for cooperation in the field of maritime transport. c) A Memorandum of Understanding for cooperation between the two countries in the field of tourism between the Saudi Commission for Tourism & Antiquities and the Hellenic Ministry of Tourism. d) A Memorandum of Understanding of cooperation between the Diplomatic Academy of Greece and the Institute of Diplomatic Studies of Saudi Arabia. Last but not least, the Kingdom of Saudi Arabia is considered by Greece to be a unifying force for Muslims all over the world. The equilibrated Saudi external policy based on the principle of non-interference in the internal affairs of other countries, in addition to the fact that it always adopts a wise and moderate position when dealing with most of the international or regional issues, qualified the Kingdom to play an important role in promoting the stability, peace and tolerance not only in its region but in the world at large.