Saudi Arabia and Italy inked 21 cooperation agreements in various industries at a conference in Milan in an effort to strengthen economic and commercial relations. The Saudi Minister of Investment, Khalid Al-Falih, and the Italian Minister of Enterprises and Made in Italy, Adolfo Urso, attended the Saudi-Italian Investment Forum, which was also attended by various officials from both countries as well as representatives from the governmental and private sectors.
The 21 Memorandums of Understanding and agreements inked at the event included areas such as sustainable energy, healthcare, and real estate, as well as waste management, technology, and manufacturing. Al-Falih stated during the event at the Gallia hotel that both nations can complement and exploit each other's capabilities in order to establish a brighter future.
During his speech, Al-Falih welcomed Italian companies to come and operate in the Kingdom, emphasizing that 150 licensed European companies are currently operating in Saudi Arabia.
“But while Italy clearly belongs in the list of top 10 economies globally, it is only in the top 20 as an investor in the Kingdom, and the value of our bilateral non-oil trade amounts to a mere €1.3 billion ($1.4 billion) — which means we are far from reaching the full potential of our partnership,” added Al-Falih.
According to the minister, Saudi Arabia and Italy should prioritize increasing the volume and quality of collaborative investments in order to develop their strategic alliance.
“In the context of areas of complementarity and shared interests, I’d like to emphasize a handful that are of particular significance to Italy: energy and sustainability; advanced manufacturing and supply chains; culture and sports; and innovation and entrepreneurship,” said Al-Falih