Saudi-Italian investment forum spurs collaboration with 21 agreements
The Saudi-Italian Investment Forum, a collaborative effort between the Saudi Ministry of Investment and the Italian Ministry of Enterprises and Made in Italy, took center stage on Monday with the signing of 21 pivotal agreements and memoranda of understanding (MoUs) spanning a diverse range of sectors.
This prestigious event, hosted in Milan, convened an array of high-profile dignitaries, including Eng. Khalid Al-Falih, the Saudi Minister of Investment, and Adolfo Urso, the Italian Minister of Enterprises and Made in Italy. Distinguished officials from both nations, as well as representatives from governmental and private sectors in both countries, graced the occasion.
The 21 MoUs and agreements, forged during the forum, encompass critical sectors such as energy, clean energy, healthcare, real estate, waste management, technology, and manufacturing. These accords mark a significant stride in the promotion of commercial cooperation, trade growth, and the strengthening of investment ties between Saudi Arabia and Italy.
The forum featured informative presentations and panel discussions conducted by government entities, illuminating investment prospects across various sectors.
Notably, sectors like clean energy, petrochemicals, healthcare, pharmaceuticals, life sciences, automotive, advanced manufacturing, and real estate development within the tourism and hospitality sectors were highlighted.
In 2022, the non-oil bilateral trade value between Saudi Arabia and Italy surged to approximately SR5.6 billion (1.4 billion Euros), underscoring remarkable growth potential.
Italy consistently ranks among the top 20 countries investing in the Kingdom, with over 150 Italian companies holding foreign investment licenses in Saudi Arabia, underscoring the robustness of their economic partnership.