ROME: Business relations between Saudi Arabia and Italy received a boost on Tuesday when representatives from companies from the two countries joined with high-ranking officials from the Kingdom’s Public Investment Fund for a special conference in Rome.

The event, titled “Strengthening Saudi-Italian cooperation for a common and sustainable development — Italy’s economic overview,” was held at Invimit SGR, a company owned by the Italian Ministry of Economy, and was also attended by the president of the Saudi-Italian Business Council.

Representatives of 29 Saudi firms were present at the event, including managers from Oklaz, Bin Saedan Group, Al-Khodair Factory for Metal and Industry, Aljomaih Holding Co., and Taj Holding Group.

They will be involved in meetings in Rome and Milan with representatives of the Italian government and Parliament all this week.

Kamel Al-Munajjed, president of the Saudi-Italian Business Council, said: “Saudi Arabia is opening up, offering many opportunities for Italian businesses. Both the Saudi government and the private sector wish to make Italy a strategic partner.”

Along with oil and gas, an increase in bilateral cooperation between Italy and the Kingdom is expected in several other sectors, including infrastructure, environmental protection, renewable energy, pharmaceutical and agro-industries.

Closer working is also forecast in the hospitality, food and beverage, fashion, and architecture sectors.

Alfredo Conte, director general for the Mediterranean and the Middle East in the Italian Foreign Ministry, recalled that Saudi Arabia is now the country’s first commercial partner in the Gulf area. 

“There are really significant opportunities for a further expansion of our bilateral relations,” he added.

Giovanna Della Posta, CEO of Italian firm Invimit, said: “Saudi Arabia is experiencing a time of real and rapid change. KSA has been a trusted partner for Italy for over 90 years. As our bilateral relationship is based on a long and solid history, the potential for further growth and development represents a significant challenge and a train not to be missed.”