Strengthening economic ties. Italy’s engagement with Saudi Arabia continues to deepen, as underscored by Maria Tripodi, Undersecretary of State for Foreign Affairs and International Cooperation, during today’s Fourth Italo-Arab Business Forum in Rome.
- Representing Foreign Minister Antonio Tajani, Tripodi opened the session focused on economic relations with Saudi Arabia, this year’s guest of honour.
- The Italo-Arab Business Forum, an annual event organised by the Joint Italian-Arab Chamber of Commerce with the support of the Arab League and Unioncamere, is a key platform for advancing development opportunities in the wider Mediterranean region.
- By bringing together entrepreneurs, senior government officials, and investment agencies, the forum highlights the growing importance of Italy-Saudi Arabia relations in fostering shared economic objectives.
Following Meloni’s visit. “Saudi Arabia is a priority economic and commercial partner for Italy,” Tripodi stated, referencing the recent historic visit of Prime Minister Giorgia Meloni to AlUla.
- During the visit, Meloni and Crown Prince Mohammed bin Salman signed a landmark agreement, elevating bilateral relations to the level of a strategic partnership.
- With an emphasis on sustainable growth and innovation, the partnership is set to unlock new opportunities for both nations and reinforce their economic and diplomatic collaboration.
- The visit also included the symbolic arrival of the Nave Vespucci, Italy’s renowned naval training ship, in Jeddah—a gesture underscoring Italy’s diplomatic focus on economic growth and promoting its Made in Italy excellence.
Promising economic relations. Bilateral trade between the two countries exceeded €10 billion in 2023, with continued growth across key sectors.
- SACE, Italy’s export credit agency, has designated Saudi Arabia a “GATE” country (Growing, Ambitious, Transforming, and Emerging).
- Tripodi highlighted Saudi Vision 2030, Riyadh’s ambitious economic diversification plan, as a significant opportunity for Italian businesses.
- “Saudi Vision 2030 has enabled Italian companies, both large and small, to strengthen their presence in this dynamic market, supporting Saudi Arabia in building its industrial base and diversifying its economy,” she explained.
Strategic sectors and investments. Tripodi underlined mutual interests in key areas such as energy and defence while highlighting opportunities for joint investments in third countries under the Mattei Plan.
- “We aim to foster a growing number of collaborations in strategic sectors of mutual interest, supporting Italian businesses at the forefront of innovation,” she said.
- “The Ministry of Foreign Affairs is committed to assisting our companies in exploring and expanding within priority markets like Saudi Arabia,” she concluded.
