RIYADH: An Italian business federation representing 7,000 companies has announced plans to increase Italian investments in Saudi Arabia, focusing on opportunities aligned with Vision 2030.

According to the Saudi Press Agency, the federation includes major Italian firms across key economic sectors. This announcement was made during the Saudi-Italian Business Forum, held at the Saudi Chambers Federation. The event featured the newly appointed Italian Ambassador to Saudi Arabia, Carlo Baldocchi, along with representatives from over 140 companies and officials from both nations.

Attilio Fontana, president of the Lombardy Regional Government, emphasized that Lombardy, which has a gross domestic product exceeding $444 billion, is a crucial part of the Italian economy and offers significant opportunities for international investors. He noted that the visit aims to enhance the role of Italian expertise in Saudi investments, scientific collaboration, and cultural exchange, while committing to provide incentives for Saudi investors.

Kamel Al-Majid, chairman of the Saudi-Italian Business Council, highlighted the growth in bilateral trade between Saudi Arabia and Italy, which is now approaching SR38 billion ($10.1 billion). Lombardy has made substantial contributions through key exports such as machinery, chemicals, and automotive products.

He also pointed out that cooperation in logistics, infrastructure development, and digital technologies could create significant opportunities for Italian investors, while Italian expertise in construction can support major projects in Saudi Arabia.

Lombardy, a financial and industrial powerhouse, hosts the Italian stock exchange and attracts global investments in sectors like automotive, aerospace, life sciences, biotechnology, artificial intelligence, and advanced technologies.

Saudi Arabia is actively enhancing its efforts to attract foreign investments across various sectors. The recent update to its investment law aligns with international best practices to create a more favorable business environment.

Announced in August, the new legislation replaces the Foreign Investment Law of 2000, aiming to ensure equal treatment for domestic and foreign investors. At the launch of the new law, Saudi Investment Minister Khalid Al-Falih stated that the legislation “reaffirms Saudi Arabia’s commitment to creating a welcoming and secure environment for investors.”

In January, Hassan Al-Huwaizi, president of the Federation of Saudi Chambers of Commerce and Industry, announced that the number of Saudi foreign business councils had reached 70, including those with major global economic players such as China, the US, Japan, and the UK, as well as Italy, France, and the UAE.

The recent reestablishment of the business council with Canada in July is the latest step in a plan led by the federation to strengthen the Kingdom’s international trade relationships as part of the Vision 2030 economic diversification strategy.