Saudi Arabia has urged Italian businessmen to take advantage of its investment opportunities and the facilities available across the Kingdom.

This was stressed during a meeting between Saudi entrepreneurs and a visiting Italian high-level trade delegation on Monday at the Council of Saudi Chambers (CSC). The meting discussed business partnership in infrastructure, health care and clean technologies.

The three-day trip of the visiting delegation is headed by the Italian International Affairs Committee of Confederation of Italian Industries (Confindustia) Paolo Zegna and top Italian business associations, banks and institutions.

“Saudi Arabia is the key partner in the Gulf region for our business system; Saudi Arabia and Italy have strong foundation of trust to be built on and today we are ready to begin a new concrete chapter of these relationships,” said Zegna in his address.

He said: Saudi Arabia today is taking unprecedented steps to spend and diversify its economy into new knowledge-based industries. We strongly believe that the Italian companies have the expertise and resources to help Saudi Arabia reach its ambitious development goals.

“Most of all, the sectors we chose are targets of our initiatives infrastructure, health care and clean technologies” he said, adding that the Italian contractors are well-known in the world being active in many countries with an international turnover exceeding 8.7 billion euros.

Regarding the health system, he added that Italy was ranked sixth in the world in 2013. Almost 80 percent of Italy's manufactured products in the field of medical devices are exported.

“Our experience in clean tech can be associated with Italian design and long lasting experience,” he said. Italian cutting-edge technologies are a mix of science, urban integration and human well-being.

According to him, his country is ready to be part of huge projects Saudi Arabia is planning to invest in. Referring to creating jobs for young Saudis, Zegna said only a diversified growing economy would be able to absorb them into the work force.

The meeting at the CSC was attended by its Chairman Abdullah Al-Mobty, deputy minister of commerce and Industry Fahad Abuhimed and Deputy Governor of Saudi Arabia General Investment Authority (SAGIA) Faisal Bafarat.

Italian Ambassador Mario Boffo, who talked on behalf of his country’s deputy minister of economic development Carlo Calenda, was also present.

Al-Mobty stated that Italy is the first trade partner of Saudi Arabia in Europe, with $15.2 billion trade in 2012. Of this, $10.5 billion represents Italian imports from the Kingdom and $4.7 billion Italian exports to the Kingdom.

According to Al-Mobty, Italian investment in the Kingdom amounted to $2.9 billion, while 80 Italian companies operate in Saudi Arabia in various fields of economic activity.

He said, the two parties recently signed seven agreements on economic and technology cooperation and these have resulted in the establishment of Italian companies in Saudi Arabia.

“Saudi Arabia now attracts regional and international investments because of its security, political stability and booming economy,” Al-Mobty noted.

Al-Mobty called on Italian businessmen to take advantage of huge investment opportunities in Saudi Arabia. The Kingdom has a healthy environment for investment. He asked them to make use of the facilities and incentives offered by the Kingdom to investors, stressing the common desire to shift from the trade partnership with Italy to an industrial partnership firm based on the conversion technology and knowledge.

The Saudi Ministry of Commerce and Industry, the Ministry of Health, King Abdullah City for Atomic and Renewable Energy, the CSC and the Jeddah Chamber of Commerce and Industry (JCCI) have together organizes the Italian delegation's visit. "The visit will help cement long-term business relations with Saudi companies," the embassy stated.

The Saudi-Italian Business Forum was held in Riyadh at the CSC on Monday (March 3) followed by business-to-business meetings between Italian and Saudi delegates.

On Tuesday, there will be a workshop on clean technologies and networking between Saudi and Italian delegates at a local hotel. There will be another workshop on health care and networking at the Ministry of Health in Riyadh.

On Wednesday, the delegation will hold business-to-business meetings at the JCCI.