Saudi Vision 2030 Has Opportunities for Italian Businesses: Tajani
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Hashim Sheikh
- . October 5, 2023
- . Update: October 5, 2023 2:54 pm
With Saudi Arabia and Italy seeking opportunities in the energy and private sector, the Italy’s deputy Prime Minister Antonio Tajani believes Saudi Vision 2030 can offer interesting opportunities for Italian businesses. He highlighted Saudi Arabia as a key player in the Gulf region.
Tajani, who is on a two-day visit to Saudi Arabia, said the two countries is striving to strengthen their relationship further. “Italy’s approach is based on dialogue and consensus building across the board, with no hidden agenda.
“We can play a role in fostering strategic partnership based on mutual understanding and capable of producing positive outcomes to the benefit of the countries involved, in the interest of international stability.”
Saudi-Italian Investment Forum
Tajani, who is also Italy’s Minister of Foreign Affairs, said the two countries signed 21 cooperation agreements across various fields, such as healthcare, clean energy, real estate and waste management, at last month’s Saudi-Italian Investment Forum in Milan.
He said the forum was a success because many Italian companies got to know the tangible opportunities available under Saudi Vision 2030, in terms of upcoming tenders in the framework of megaprojects and giga-projects, as well as incentives for direct industrial investments.
The Italian minister believes Italy can contribute to the megaprojects and giga-projects. He said Italy is universally recognized for its know-how and expertise in sectors, like new mobility, new urban and architectural design and tourist resorts.
Italy and Saudi Arabia Diversify Trade Ties
Both countries are working to diversify their trade ties, with Saudi Arabia moving away from fossil fuels and transitioning to green energy and economic diversification.
Italy, as per the Observatory of Economic Complexity, exported over $4 billion in goods to the kingdom in 2021, and Saudi Arabia exported $5.86 billion, mainly crude and refined petroleum. In 2022, trade volume between the two countries reached $12.04 billion.
Now Italy wants to increase energy cooperation – hydrogen and renewable – with Saudi Arabia. Tajani commended the kingdom’s steady transition to green energy.
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“We commend the great efforts undertaken, particularly by Saudi Arabia, in the green transition by investing in solar and wind power and in refocusing fossil fuel for hydrogen production. I am sure this strategy will guarantee you amazing returns in the long run.”
Italy’s deputy Prime Minister highlighted NEOM, a smart city in Saudi Arabia, saying the green energy can feed the European market.
“Italy is already a supplier of knowledge and technology for the kingdom’s journey towards net zero.”
Tajani said many Italian companies are engaged in a number of energy projects with Saudi energy stakeholders, such as Saudi Aramco and ACWA Power. Italy is also keen for Saudi Arabia’s strategic investment.
