Senior officials from Saudi Arabia and Italy recently discussed potential collaborations in industrial innovation and advanced manufacturing technologies. The meeting, led by Saudi Arabia’s Minister of Industry and Mineral Resources Bandar Alkhorayef and Lombardy’s regional government president Attilio Fontana, focused on enhancing ties crucial to Saudi Arabia’s Vision 2030 diversification strategy.
The discussions emphasized cooperation in sectors bolstered by advanced manufacturing technologies and sustainable economic growth driven by knowledge and innovation. Key industries highlighted included healthcare, energy, and food.
Both parties explored opportunities in emerging sectors such as advanced industries and information technology. Fontana’s meeting with Alkhorayef followed the Saudi-Italian Business Forum, where Italy’s business federation expressed interest in increasing investments in the Kingdom, aligning with Vision 2030 goals.
Alkhorayef underscored the significance of industrial innovation, highlighting the competitive advantages and incentives for investors, supported by government policies and energy provisions. The forum, hosted by the Saudi Chambers Federation, saw over 140 companies from both nations discuss expanding trade and investment relations.
Kamel Al-Majid, chairman of the Saudi-Italian Business Council, noted the growing bilateral trade, nearing SR38 billion ($10.1 billion). Areas of interest include logistics, infrastructure development, and digital technologies, where Italian expertise can significantly contribute to Saudi Arabia’s mega-projects.
The Saudi-Italian Business Forum and broader engagements reflect Saudi Arabia’s ambition to attract foreign investments as part of Vision 2030. Recent developments include reestablishing several Saudi foreign business councils and implementing legal reforms to create a competitive investment landscape.