Rome: The governments of the State of Kuwait and the Republic of San Marino signed, in principle, have inked a bilateral agreement to frame common financial and investment aspects within the framework of strengthening and developing excellent bilateral relations.

The Kuwaiti embassy said in a statement to Kuwait News Agency (KUNA) Friday that the Assistant Undersecretary at the Ministry of Finance, Osama Jassem Al-Qassar, and the Director of Economic Affairs at the San Marino Ministry of Foreign Affairs, Dario Galassi, initialed last Thursday an agreement to encourage and protect investments and prevent double taxation between the two countries.

The statement said that the signing of the agreement (in initials) pending its approval by the governments of the two parties came after precise and fruitful technical deliberations held by a high-ranking Kuwaiti delegation with officials of San Marino at the headquarters of the Republic's Foreign Ministry.

For his part, the Ambassador of the State of Kuwait in Rome and the non-resident envoy to the Republic of San Marino, Nasser Al-Qahtani, welcomed this important step that lays down legal frameworks and foundations that support and encourage mutual investments and enhance aspects of economic relations between the two countries.

Ambassador Al-Qahtani congratulated the delegation of the Kuwaiti Ministries of Finance and Foreign Affairs on the success of the negotiation with high professionalism and the achievement of this accord, which adds foundations for building and developing friendship relations and pushing forward fruitful cooperation between the State of Kuwait and San Marino.

He added that he was looking forward to endorsing it as soon as possible.

The Kuwaiti delegation was headed by the Assistant Undersecretary for Financial and Tax Affairs at the Ministry of Finance, Osama Al-Qassar, with the membership of the Head of the Investment Agreements Department, Suhail Fahd Al-Zanki, and the observer of international agreements in the Legal Department of the Ministry of Foreign Affairs, Ahmad Abdul Rahman Al-Buaijan.