The Italian Deputy Prime Minister and Minister of Foreign Affairs and International Cooperation, Antonio Tajani, will be on a mission to Saudi Arabia tomorrow and the day after (Wednesday 4 – Thursday 5 October).
In Riyadh, he will meet the Saudi Ministers of Foreign Affairs, Prince Faisal Bin Farhan Al Saud, Commerce, Majid Bin Abdullah Al Qasabi, and Investment, Khalid Al Falih. With the latter, Tajani had already had a meeting in early September on the sidelines of the Ambrosetti Forum in Cernobbio.
“We want to further strengthen the friendship between Italy and Saudi Arabia and reaffirm the strategic nature of our partnership”, noted the Italian Deputy Prime Minister, according to whom “the great Saudi Vision 2030 development plan can offer interesting opportunities for our companies in sectors such as tourism, innovation, artificial intelligence, renewable energy and entertainment”.
Saudi Arabia is a major economic partner for Italy in the Gulf, as demonstrated by the current phase of expansion in trade, which grew by 40% in 2022 compared to 2021, reaching EUR 11.5 billion. Although there is already a significant presence of Italian companies in the country, particularly in the energy, industrial and infrastructure sectors, the margins for growth in bilateral cooperation remain considerable.
Recalling the Memorandum on the promotion of direct investments, signed last September, Tajani stressed “the importance that the government attaches to possible new Saudi investments in Italy in sectors of strategic importance”. In addition, the Italian Deputy Prime Minister commented, “in line with Italy’s aspiration to become an energy hub for the European market, we want to intensify cooperation in the energy sector, focusing especially on hydrogen and renewables”.
During his mission to Riyadh, the Italian Deputy Prime Minister will attend the inauguration of a new underground line in the capital, built with the decisive contribution of the Italian company WeBuild.