In a conversation with Al-Eqtisadiah newspaper, the Head of the Italian Trade Agency, Matteo Zobas, said that the economic relations between Saudi Arabia and Italy have entered a spectacular increase phase, based on massive investments related to the Vision 2030, estimated at €7 trillion ($8.1 trillion), which is among the largest investment plans in the world.
At the margins of the Saudi-Italian Investment and Business Forum, Zobas said that such an amount of expenditure provides enormous opportunities to the Italian companies, in infrastructure, energy, water technologies, and industrial equipment, where Italy has advanced expertise and technology.
Zobas highlighted that Italy is one of the most advanced nations in terms of industrial machine technologies utilized in production, processing, and packaging.
This provides Saudi Arabia with a chance to bolster its emphasis on local manufacturing, as well as the design, furniture, fashion, food, and automotive industries, which are gaining pillars of Italian industry and are receiving growing interest in the Saudi market.
He noted that the collaborations between the two nations are already established and are slowly developing, and there is an attempt to utilize the Italian experience in the 2030 projects, which will become a significant force of collaboration in the years to come.
Zobas said that the amount of trade exchange has experienced a remarkable growth, and Italian exports to Saudi Arabia have risen by 21 percent in 2024, surpassing the figure of over €6 billion.
However, the pharmaceutical industry increased by more than 121 percent in comparison to last year, and it is among the fastest-growing industries between the two nations.
The Italian Trade Agency head validated this claim by stating that Italy is the second most in terms of furniture export to Saudi Arabia after Germany, with a narrow margin in market share.
In relation to the results of the forum, Zobas stated that he expects the convergence between government institutions and companies to increase, and it will help to provide a more appropriate regulatory framework for business development.
He pointed out that the process of uniting producers and buyers within one platform creates a path to establishing the development of trade relations both directly and in the long term.
