An Italian business association has revealed plans to boost Italy’s investments in Saudi Arabia and partner with Saudi investors to tap into promising opportunities within the Vision 2030 framework. The association includes prominent Italian firms engaged in key economic sectors.
This announcement was made at the Saudi-Italian Business Forum at the Federation of Saudi Chambers’ headquarters. The event was attended by Italy’s Ambassador to Saudi Arabia, Carlo Balducci, alongside representatives from over 140 companies and various government agencies from both nations.
Openness to international investment
Attilio Fontana, president of the Lombardy Regional Government, highlighted the region’s economic importance, noting its GDP of over $444 billion as a cornerstone of Italy’s economy. Fontana further emphasized Lombardy’s openness to international investors and stated that their visit aimed to enhance Italian involvement in Saudi projects across investment, scientific, and cultural cooperation. He also indicated a willingness to offer incentives to Saudi investors.
Growth in bilateral trade, investment opportunities
Furthermore, Eng. Kamel Al-Munajjed, chairman of the Saudi-Italian Business Council, emphasized the significant increase in bilateral trade between Saudi Arabia and Italy, now totaling SAR38 billion ($10.1 billion). He further noted that Lombardy plays a crucial role through exports in machinery, chemicals, and automotive products. Al-Munajjed highlighted that cooperation between Saudi and Italy in logistics, infrastructure, and digital technologies presents considerable opportunities for Italian investors. Additionally, Italian expertise in construction and building could support Saudi Arabia’s large-scale projects.
Moreover, Lombardy, a major financial and industrial hub, hosts the Italian Stock Exchange and attracts global investments in sectors such as automobiles, space, life sciences, biotechnology, artificial intelligence, and advanced technology.
For more economy news, click here.
