An Italian business association representing 7,000 companies is looking to expand Italian investments in Saudi Arabia by collaborating with Saudi investors. This move comes as part of efforts to explore potential opportunities aligned with Saudi Vision 2030, a strategic framework aimed at diversifying the Saudi economy. During the Saudi-Italian Business Forum, held at the Federation of Saudi Chambers’ headquarters, the Italian Ambassador to the Kingdom, Carlo Balducci, and over 140 companies and government representatives from both countries attended the event.
Attilio Fontana, president of the Lombardy Regional Government, emphasized the economic significance of the region, noting its GDP of over $444 billion as a key pillar of Italy’s economy. Fontana highlighted Lombardy’s openness to international investors and its willingness to strengthen Italian contributions to Saudi projects in investment, science, and culture. He also expressed readiness to offer incentives to Saudi investors looking to engage in the region.
Eng. Kamel Al-Munajjed, chairman of the Saudi-Italian Business Council, pointed out the significant growth in bilateral trade between Saudi Arabia and Italy, reaching an amount of SR38 billion. He highlighted the role of the Lombardy region in this trade, specifically through exports in machinery, chemicals, and automotive products. Al-Munajjed also emphasized the potential for Italian investors to explore opportunities in logistics, infrastructure development, and digital technologies, citing Italian expertise in construction as a valuable contribution to Saudi Arabia’s large-scale projects.
Lombardy, known as a financial and industrial hub, hosts the Italian Stock Exchange and attracts global investments across various sectors. The region’s focus on automobiles, space, life sciences, biotechnology, artificial intelligence, and advanced technology presents opportunities for collaboration and investment with Saudi partners. Italian companies are well-positioned to bring their expertise in construction and building to support Saudi Arabia’s ambitious projects and contribute to the country’s economic growth and diversification efforts.
The Saudi-Italian Business Forum serves as a platform for fostering closer economic ties between the two countries and promoting collaborative initiatives that support shared growth objectives. By leveraging the strengths of both Italian and Saudi companies, there is a potential for creating mutually beneficial partnerships that drive innovation, job creation, and sustainable development in key sectors. As Saudi Arabia continues to implement its Vision 2030 agenda, partnerships with international investors and businesses, such as those from Italy, will play a crucial role in unlocking new opportunities and driving economic prosperity.
In conclusion, the announcement of plans to expand Italian investments in Saudi Arabia and collaborate with Saudi investors reflects a positive step towards strengthening economic relations between the two countries. As Italy’s business association looks to explore opportunities aligned with Saudi Vision 2030, there is a significant potential for mutual growth and cooperation in key sectors such as construction, technology, and innovation. By capitalizing on the strengths of both nations, the Saudi-Italian Business Forum sets the stage for increased collaboration and investment that can drive economic development and create lasting partnerships.
