7000 Italian Companies Set To Enhance Investments And Collaborate In Saudi Arabia's Vision 2030

An Italian business association, representing 7,000 companies, has revealed plans to boost Italian investments in Saudi Arabia. This initiative aims to collaborate with Saudi investors to explore opportunities aligned with Vision 2030. The announcement was made at the Saudi-Italian Business Forum held at the Federation of Saudi Chambers' headquarters.

The forum saw participation from over 140 companies and representatives from government agencies of both nations. The Italian Ambassador to Saudi Arabia, Carlo Balducci, was also present. Attilio Fontana, President of the Lombardy Regional Government, highlighted Lombardy's economic importance with a GDP exceeding $444 billion.

Fontana emphasized Lombardy's openness to international investors and expressed intentions to enhance Italian contributions to Saudi projects in investment, science, and culture. He also mentioned offering incentives to attract Saudi investors. This reflects a strong commitment to fostering bilateral economic ties.

Eng. Kamel Al-Munajjed, chairman of the Saudi-Italian Business Council, noted that trade between Saudi Arabia and Italy has grown significantly, reaching SAR38 billion. He highlighted that Lombardy plays a crucial role through exports like machinery, chemicals, and automotive products.

Al-Munajjed pointed out that logistics, infrastructure development, and digital technologies present substantial opportunities for Italian investors in Saudi Arabia. The expertise of Italian firms in construction could greatly contribute to the Kingdom's large-scale projects under Vision 2030.

Lombardy is a financial and industrial hub hosting the Italian Stock Exchange. It attracts global investments across various sectors such as automobiles, space exploration, life sciences, biotechnology, artificial intelligence, and advanced technology.

This collaboration between Italy and Saudi Arabia aims to leverage each country's strengths for mutual benefit. By focusing on key sectors like logistics and technology, both nations can achieve significant economic growth while supporting Vision 2030's objectives.

With inputs from SPA