If the Islamic State (IS) terrorist group is allowed to operate over the next year it would drive investors away, which could have a major negative impact on all the region’s economies, the Italian ambassador said on Tuesday.

Mario Boffo was speaking to Arab News at his residence, on the eve of a visit by a 25-member Italian trade delegation.

Boffo praised the Saudi government for joining the United States-led coalition to fight the group that has taken over large areas of Syria and Iraq. He said IS has the potential to operate in countries across the world.

He said Italy is part of the coalition. “This coalition is very important. We want to show the world that it includes leaders from the West and the Middle East.”

“I hope this phenomenon will disappear as soon as possible, because it can affect the region’s economy if the situation lasts for another year. Investors will be scared to come not only to Saudi Arabia but also other countries in the region,” he said.

He said the forthcoming trade delegation would be led by Minister of Economic Development Federica Guidi and includes top business and political leaders.

Italy has sent two high-level delegations this year, including one in March. “It indicates our keen interest to do more business with Saudi Arabia. In principle, Saudi Arabia is looking for foreign investments and partnerships that can add value to the Saudi economy, such as create jobs, transfer technology into the country and training. We are ready to cooperate fully in that direction,” he said.

“The main objective of this visit is to upgrade bilateral relations and try to find new opportunities for investments, partnerships and industrial cooperation in infrastructure and energy.”

The Italian delegation will meet with representatives of various Saudi ministries, including finance, oil, water and electricity, and transport. Part of their itinerary is to meet with the Saudi Arabian General Investment Authority and Saudi Arabian Monetary Agency.

He said an advanced group came here earlier and met with the Council of Saudi Chambers and Saudi Commission for Tourism and Antiquities to build museums and hospitality facilities in partnership with Italian companies. “We are known throughout the world and have a reputation in this field, and health care, medicine, among others.”

He hoped that Saudi businesses would identify investment opportunities in Italy. “According to the Council of Saudi Chambers, Italy has become the first European trading partner with $15.2 billion in trade in 2012. A number of Italian firms are actively involved in various mega projects in the Kingdom such as the Riyadh Metro. Italian firms will provide electronic and signaling systems for the metro,” he said.