Milan, September 05, 2023, 21 agreements and memorandums of understanding (MOUs) covering various industries wurden signed yesterday during the Saudi-Italian Investment Forum, which was jointly coordinated by the Saudi Ministry of Investment and the Italian Ministry of Enterprises and Made in Italy. The Forum was held in Milan and was attended by Eng. Khalid Al-Falih, the Saudi Minister of Investment, and Adolfo Urso, the Italian Minister of Enterprises and Made in Italy, as well as a number of other officials from both nations and representatives from the public and commercial sectors. The energy, clean energy, healthcare, real estate, waste management, technology, and manufacturing sectors were all represented in the 21 MoUs and Agreements that were inked during the Forum.
They sought to advance business collaboration, promote the expansion of trade, industrial and investment ties, and ease the growth of cross-sectoral ties between the two countries.
The Forum additionally included lectures and panel discussions given by participating government organizations, that emphasized investment prospects in a variety of areas. These included advanced manufacturing, clean energy, petrochemicals, healthcare, pharmaceuticals, life sciences, automobiles, and real estate development in the hotel and tourism industries.
The bilateral non-oil trade value between the Kingdom and Italy was estimated to be SAR 5,6 billion (1,4 billion Euros) in 2022, indicating great room for expansion.
More than 150 Italian businesses have foreign investment permits in Saudi Arabia, placing Italy among the top twenty foreign direct investors in the Kingdom.
