The Saudi-Italian Investment Forum, jointly organized yesterday by the Saudi Ministry of Investment and the Italian Ministry of Enterprises and Made in Italy, witnessed the signing of 21 agreements and memoranda of understanding (MOUs) across various sectors.
Hosted in Milan, the Forum was attended by the Saudi Minister of Investment, Eng. Khalid Al-Falih, and the Italian Minister of Enterprises and Made in Italy, Adolfo Urso, in the presence of several officials from both countries and representatives from the governmental and private sectors.
The 21 MoUs and agreements signed during the Forum encompassed the sectors of energy, clean energy, healthcare, real estate, waste management, technology, and manufacturing.
They aimed to bolster commercial cooperation, foster the growth of trade, industrial, and investment relations, and facilitate the development of cross-sectoral relations between the two nations.
Moreover, the Forum featured presentations and panel discussions delivered by participating government entities that highlighted investment opportunities in various sectors. These included clean energy, petrochemicals, healthcare, pharmaceuticals, life sciences, cars, advanced manufacturing, and real estate development in the tourism and hospitality sectors.
In 2022, the non-oil bilateral trade value between the Kingdom and Italy reached approximately SAR 5.6 billion (1.4 billion Euros), demonstrating significant growth potential.
Italy ranks among the top twenty countries investing in the Kingdom in terms of foreign direct investment stock, with over 150 Italian companies holding foreign investment licenses in Saudi Arabia.