Italian Government Seeks Increased Investment from Saudi Arabia's Sovereign Wealth Fund
(MENAFN) The Italian government is seeking to increase investment in the country by the Public Investment Fund (PIF), the sovereign wealth fund of Saudi Arabia. A delegation of Saudi entrepreneurs and investors, led by the President of the Saudi-Italian Business Council Kamel Al-Munajjed, met with the Italian Minister for Economic Development Adolfo Urso in Rome to discuss ideas for strengthening commercial and economic relations between Italy and Saudi Arabia.
During the meeting, Urso noted the strong bilateral economic relationship between the two countries and emphasized the need for a progressive consolidation of the strategic partnership. He also spoke about the increasing interest of Saudi companies in investing in Italy, particularly in the luxury aspects of the automotive, shipbuilding, and hotel sectors.
The minister expressed his trust that the PIF will increase its investments in Italy by focusing on the excellence of the "Made in Italy" brands and products. He also highlighted the potential for cooperation in the fields of arts, culture, and tourism.
Urso noted that the Italian government is committed to creating the best conditions for attracting foreign investments and praised the fruitful cooperation between Italian economic operators and Saudi Aramco. He added that Saudi-Italian bilateral trade reached €11.5 billion ($12.68 billion) in 2022, a 41 percent increase compared to the previous year.
The meeting between the Saudi delegation and the Italian government represents an important step towards strengthening economic ties between the two countries. As the PIF increases its investments in Italy, it is likely that more Saudi companies will follow suit, providing opportunities for Italian businesses and contributing to the growth of the Italian economy.
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