Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef has embarked on an official visit to Italy to explore opportunities for joint investments in various industrial sectors in Saudi Arabia. The visit will last until October 16 and will include meetings with government officials and leaders in the private sector, as well as visits to prominent Italian companies in industries such as automobiles, food, space, and marine. The goal of the visit is to transfer knowledge and smart manufacturing solutions to the Saudi industry, and to enhance economic ties between Saudi Arabia and Italy.
During his visit, Alkhorayef will meet with Vice President of the Saudi-Italian Business Council, Yousef Al-Maimani, as well as the Minister of Environment and Energy Security, Giliberto Vertin, and the Italian Minister of Enterprise and Industry, Adolfo Urso. The main focus of these meetings will be on developing industrial cooperation between the two countries. Alkhorayef will also participate in a multilateral meeting organized by the General Confederation of Italian Industry, with the participation of senior leaders of the Italian private sector.
In Milan, the Saudi minister will visit the Alessi Innovation Center and Leonardo Space, where he will have discussions with the company’s CEO. He will also participate in the “Comulac 2024 – The Grand Challenge” conference and meet with the President of the Lombardy Region, Attilio Fontana, as well as the CEO of Barilla Food Manufacturing Company, Gianluca Di Tondo. These meetings and visits are aimed at further strengthening the ties between Saudi Arabia and Italy in various industrial sectors.
The trade balance between Saudi Arabia and Italy shows that the total Saudi non-oil exports to Italy in 2023 amounted to SR2.8 billion, while the total non-oil imports of Saudi Arabia reached SR21.8 billion during the same year. The highest export sectors from Saudi Arabia to Italy included chemicals and polymers, building materials, heavy machinery and electronics, and packaging. On the other hand, the highest import sectors for Saudi Arabia from Italy were heavy machinery and electronics, building materials, food products, and medicines.
Overall, the visit of Minister Alkhorayef to Italy is expected to have a positive impact on the industrial cooperation between the two countries. By exploring opportunities for joint investments and transferring knowledge and manufacturing solutions, both Saudi Arabia and Italy stand to benefit from enhanced economic ties. With a focus on sectors such as automobiles, food, space, and marine industries, the visit highlights the importance of collaboration and innovation in the global industrial landscape. Through meetings with government officials, leaders in the private sector, and visits to Italian companies, Minister Alkhorayef aims to further strengthen the economic relations between Saudi Arabia and Italy.
