When the Italian business federation, encompassing 7,000 companies, announced its intention to amplify investments in Saudi Arabia, it marked a new chapter of collaboration aligned with the ambitious Vision 2030. This commitment was unveiled at the Saudi-Italian Business Forum, a significant event hosted by the Saudi Chambers Federation, featuring the newly appointed Italian Ambassador to Saudi Arabia, Carlo Baldocchi, alongside representatives from over 140 companies and officials from both nations.
Unlocking Opportunities Through Strategic Partnerships
Attilio Fontana, president of the Lombardy Regional Government, underscored the importance of Lombardy, a key player in the Italian economy with a GDP surpassing $444 billion. Fontana highlighted the potential for Italian expertise to play a pivotal role in Saudi investments, scientific collaborations, and cultural exchanges. He also assured incentives for Saudi investors, fostering a mutually beneficial relationship.
Kamel Al-Majid, chairman of the Saudi-Italian Business Council, noted the burgeoning trade between Saudi Arabia and Italy, nearing SR38 billion ($10.1 billion). Lombardy’s contribution is significant, especially through exports like machinery, chemicals, and automotive products. Al-Majid emphasized that collaboration in logistics, infrastructure, and digital technologies offers Italian investors substantial opportunities, while their construction expertise could support Saudi Arabia’s major projects.
A Welcoming Environment for Global Investments
Lombardy, a financial and industrial hub, houses the Italian stock exchange and draws global investments across various sectors, including automotive, aerospace, life sciences, biotechnology, artificial intelligence, and advanced technologies.
Saudi Arabia is actively enhancing its appeal to foreign investors by updating its investment laws to align with international standards. The new legislation, introduced in August, replaces the Foreign Investment Law of 2000 and ensures equal treatment for both domestic and foreign investors. Saudi Investment Minister Khalid Al-Falih affirmed that this legislation underscores Saudi Arabia’s dedication to establishing a secure and inviting environment for investors.
Strengthening Global Trade Relations
Hassan Al-Huwaizi, president of the Federation of Saudi Chambers of Commerce and Industry, highlighted the expansion of Saudi foreign business councils to 70, including partnerships with major economic powers such as China, the US, Japan, the UK, Italy, France, and the UAE. The recent revival of the business council with Canada in July is part of a broader strategy to bolster the Kingdom’s international trade relationships, integral to the Vision 2030 economic diversification plan.
