Riyadh, Asharq Al-Awsat- Saudi Arabia and Austria signed an agreement for avoiding dual taxing on income and capital .

The agreement was signed by Saudi minister of finance Dr Ibrahim al-Assaf and on Austrian Minister of defense Guenther Platter.

In a press statement, Dr al-Assaf said the agreement will positively contribute to protection of investments signed by the two countries in 2001, and will further more encourage investors in the two countries to implement joint projects.

He urged businessmen in the two countries to benefit from the agreements signed by Saudi Arabia and Austria.

He noted that the volume of trade exchange between Saudi Arabia and Austria jumped from about SR 643 million in 2002 to more than SR 2 billion in 2004.