Summary
RIYADH — A significant initiative was announced by a prominent Italian business association representing approximately 7,000 companies, aiming to enhance Italian investment in Saudi Arabia. This collaborative effort seeks to explore various investment opportunities aligned with the goals outlined in Saudi Vision 2030. The association includes major Italian enterprises that are engaged in several vital economic sectors. This announcement was made during the Saudi-Italian Business Forum, which took place on Wednesday at the headquarters of the Federation of Saudi Chambers. The event was graced by the presence of the Italian Ambassador to the Kingdom, Carlo Balducci, along with representatives from over 140 companies and various governmental entities from both nations. Attilio Fontana, the president of the Lombardy Regional Government, underscored the economic importance of the region, which boasts a Gross Domestic Product (GDP) exceeding $444 billion, positioning it as a cornerstone of the Italian economy. President Fontana highlighted Lombardy’s welcoming stance towards international investors, sharing that the delegation’s visit to the Kingdom is intended to fortify Italian engagement in Saudi ventures, particularly in investment, scientific, and cultural collaboration. He also conveyed the region’s eagerness to extend incentives to Saudi investors. Additionally, Eng. Kamel Al-Munajjed, chairman of the Saudi-Italian Business Council, emphasized the remarkable uptick in bilateral trade between Saudi Arabia and Italy, which now stands at an impressive SR38 billion. He noted the Lombardy region’s pivotal role in this trade dynamic, particularly through its exports in machinery, chemicals, and automotive products. Eng. Al-Munajjed pointed out the substantial prospects for Italian investors in sectors such as logistics, infrastructure development, and digital technologies, suggesting that Italy’s expertise in construction and building will significantly benefit Saudi Arabia’s ambitious large-scale projects. Lombardy, recognized as a financial and industrial nexus, is home to the Italian Stock Exchange and attracts foreign investments across diverse sectors, including automobiles, space, life sciences, biotechnology, artificial intelligence, and advanced technology. In conclusion, the progressive intentions of the Italian business association underline a robust commitment to fostering a collaborative economic relationship with Saudi Arabia, facilitating mutual growth and shared success in line with the strategic vision set forth by Saudi leadership.
Original Source: www.zawya.com
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