Italian business body of 7,000 firms plans investments in Saudi Arabia

20 Sep, 2024

Italian business body of 7,000 firms plans investments in Saudi Arabia

An Italian business federation representing 7,000 companies has announced plans to boost Italian investments in Saudi Arabia, particularly in line with Vision 2030. This development was highlighted at the Saudi-Italian Business Forum, attended by Italian Ambassador Carlo Baldocchi and representatives from over 140 firms and officials. Attilio Fontana, president of Lombardy’s Regional Government, emphasized Lombardy’s significance to Italy’s economy and its role in fostering Saudi investments, scientific collaboration, and cultural exchange.

Kamel Al-Majid, chairman of the Saudi-Italian Business Council, noted that bilateral trade between Saudi Arabia and Italy is nearing SR38 billion. Italian firms are eyeing opportunities in sectors such as logistics, digital technologies, and infrastructure development. Saudi Arabia's updated investment law, introduced in August, aims to create a more favorable environment for foreign investors, ensuring equal treatment for both domestic and international businesses.

As part of Vision 2030, Saudi Arabia has been strengthening foreign trade ties with major global economies, including China, the US, Japan, the UK, and Italy. Recent updates to its business regulations are designed to attract global investments, further contributing to the Kingdom’s economic diversification and growth.