MILAN: The Saudi-Italian Business Forum, which was held on Monday in Lombardy, showcased the robust economic relationship between Italy and Saudi Arabia.
Spearheaded by prominent figures such as Veronica Squinzi, vice president for internationalization at Assolombarda, and Waleed Al-Orainan, secretary-general of the Federation of Saudi Chambers, the forum aimed to enhance collaboration and explore new business opportunities between the two nations.
Squinzi welcomed the forum and spoke of the significance of the gathering in strengthening economic ties, underscoring the importance of governmental support in fostering international business.
She said: “This forum represents a vital step in enhancing our economic collaboration and building lasting partnerships.”
Al-Orainan stressed the historic relationship between the two nations, dating back to the 1930s.
He said: “The warm reception we receive in Italy reflects the mutual respect and eagerness to enhance our bilateral cooperation.”
Kamel Al-Munajjed, chairman of the Saudi-Italian Business Council, expressed optimism regarding future collaboration.
He said: “We are at a pivotal moment where collaboration can unlock significant value chains, invigorating our economies.”
He acknowledged previous visits of Italian officials to Saudi Arabia which had helped to lay a solid foundation for partnerships.
Discussions at the forum revealed a landscape rich with business potential. Maria Tripodi, undersecretary of state for foreign affairs, noted that Saudi Arabia had emerged as a priority partner for Italy, with exports exceeding €6 billion in 2024 — an increase of 27.9 percent from the previous year.
Tripodi said: “Our relationship with Saudi Arabia is not only growing, it is thriving, and we are excited about the opportunities that lie ahead.”
This growth positions Saudi Arabia as the second-largest market for Italian exports in the region, reflecting a burgeoning relationship across sectors such as energy, infrastructure, and high-tech innovation.
The forum also highlighted opportunities in Saudi Arabia and success stories of Italian companies in sectors such as infrastructure and construction, renewable energy, and sport.
Barbara Cimmino, vice president for export and foreign investment at Confindustria, said: “When we align our strengths, we create a synergy that benefits both nations.”
Discussions at the event turned to the Vision 2030 initiative, which aims to diversify the Saudi economy and reduce its dependence on oil.
Tripodi said: “This strategic plan presents numerous opportunities for Italian enterprises, particularly in technology, education, and public services.”
