Italy and Saudi Arabia strengthen strategic partnership

Saudi Arabia is one of the key countries that will enable Italy to reach - by the end of 2027 - the ambitious target of 700 billion euro in exports (which in 2024 stood at around 623 million). Confirming the importance of the economic and cultural relations between the two countries was the presence of the Minister of Foreign Affairs Antonio Tajani, who was in Riyadh yesterday to meet the ministers of some key areas of collaboration (a new agreement was signed with the Minister of Sport) and to visit in person the progress of some 'giga projects' in which Italian companies are involved, including the Diriyah Gate Development Project, in whose realisation WeBuild is participating with several lots.

The Minister also inaugurated the Italy-Saudi Arabia Business Forum, organised by the ICE Agency and the Italian Embassy in Riyadh with the support of the Saudi Ministry of Investment, which was attended by over a thousand companies (about 430 Italian and more than 600 Saudi) for a total of 1,500 participants. Five macro-areas of interest were the focus of the Forum, through round tables and B2B meetings: infrastructure, automotive, sustainable transport, construction and furniture; pharmaceutical-medical and life sciences; high technology; agritech and agro-industry; and cultural and sports industries.

"There has been a strong increase in exports of Italian products to this country in recent years," said Tajani. "Our interchange has grown by almost 40% in the last three years, while our exports to the Kingdom have increased by 82%. This Business Forum is a strong signal of Italy's great interest in Saudi Arabia, but also of Saudi Arabia's great interest in Made in Italy, which has all the skills and production capacities to contribute to the achievement of the objectives of Vision 2030,' that is, the country's great development project launched in 2016. The minister recalled the importance of the strategic partnership between the two countries, including the agreements signed last January between Italian Prime Minister Giorgia Meloni and Prince Mohammad bin Salman, worth a total of over 10 billion.

Prince Khalid Al Falih, the Minister of Investment, also reiterated the importance of those agreements and of the 40-year relationship between Italy and Saudi Arabia, which affects all sectors, particularly energy, infrastructure and construction, technology and digital, design and fashion, culture and sport, and which has many large Italian groups among its protagonists, including WeBuild, Fincantieri, Saipem and Mapei. But the opportunities, Tajani recalled, also concern the many medium and small Italian companies, which can count on a fast-growing market.

It is precisely initiatives such as the Riyadh Forum that small and medium-sized enterprises look to, pointed out Ice president Matteo Zoppas, who reiterated the importance of Saudi Arabia for the growth of Italian exports: "In 2024, exports to Riyadh will reach 6.2 billion euros, growing by 27.8% over 2023. Italy thus consolidates its position among the main Saudi trade partners, rising from eighth to seventh place among supplier countries'.