21 Sep 2024
RIYADH: Senior officials from Saudi Arabia and Italy have discussed collaboration opportunities in industrial innovation and advanced manufacturing technologies.
Saudi Arabia’s Minister of Industry and Mineral Resources Bandar Alkhorayef met with Attilio Fontana, president of Lombardy’s regional government, to investigate ways to enhance bilateral ties in sectors crucial to the Kingdom’s Vision 2030 diversification strategy.
According to a statement, the meeting emphasized cooperation in industrial sectors supported by advanced manufacturing technologies, and sustainable economic growth based on knowledge and innovation, especially in industries such as healthcare, energy, and food.
Both sides explored opportunities in emerging sectors, including advanced industries and information technology.
Fontana met with Alkhorayef after attending the Saudi-Italian Business Forum, where the European country’s business federation said the 7,000 companies it represents are looking to increase investments in the Kingdom, focusing on opportunities aligned with Vision 2030.
“Alkhorayef emphasized the importance of industrial innovation, noting the competitive advantages and incentives that attract investors and drive the success of industrial projects, supported by government policies and energy provisions,” the statement said.
The Saudi-Italian Business Forum was held at the Saudi Chambers Federation, and brought together over 140 companies from both nations to discuss expanding trade and investment relations.
Kamel Al-Majid, chairman of the Saudi-Italian Business Council, emphasized the growing bilateral trade, which is nearing SR38 billion ($10.1 billion). Key areas of interest include logistics, infrastructure development, and digital technologies, sectors where Italian expertise can significantly contribute to Saudi Arabia’s ongoing mega-projects.
The Saudi-Italian Business Forum and broader bilateral engagements reflect Saudi Arabia’s ambitions to attract foreign investments, as part of its Vision 2030 objectives. Key developments in recent years include the reestablishment of several Saudi foreign business councils and legal reforms aimed at creating a competitive investment landscape.