An Italian business federation, representing 7,000 companies, has announced plans to boost Italian investments in Saudi Arabia, aligning with Vision 2030.
During the Saudi-Italian Business Forum at the Saudi Chambers Federation, key figures including the new Italian Ambassador to Saudi Arabia, Carlo Baldocchi, and representatives from over 140 companies discussed these plans. The federation includes prominent Italian firms across various economic sectors.
Attilio Fontana, president of the Lombardy Regional Government, highlighted Lombardy’s significant economic role, with a GDP exceeding $444 billion. He emphasized the potential for Italian expertise to enhance Saudi investments, scientific collaboration, and cultural exchange, while offering incentives for Saudi investors.
Kamel Al-Majid, chairman of the Saudi-Italian Business Council, noted that bilateral trade between Saudi Arabia and Italy is nearing SR38 billion ($10.1 billion), with Lombardy contributing key exports like machinery, chemicals, and automotive products. He also mentioned opportunities in logistics, infrastructure, and digital technologies for Italian investors, alongside Italian expertise in construction supporting major Saudi projects.
Lombardy, a financial and industrial hub, hosts the Italian stock exchange and attracts global investments in sectors such as automotive, aerospace, life sciences, biotechnology, AI, and advanced technologies.
Saudi Arabia is actively seeking to attract foreign investments across various sectors. The recent update to its investment law, replacing the Foreign Investment Law of 2000, aims to create a more favorable business environment by ensuring equal treatment for domestic and foreign investors. Saudi Investment Minister Khalid Al-Falih stated that this new legislation reaffirms the Kingdom’s commitment to a welcoming and secure environment for investors.
In January, Hassan Al-Huwaizi, president of the Federation of Saudi Chambers of Commerce and Industry, announced that Saudi foreign business councils had reached 70, including those with major global economic players such as China, the US, Japan, the UK, Italy, France, and the UAE. The reestablishment of the business council with Canada in July is the latest step in the federation’s plan to strengthen international trade relationships as part of Vision 2030.