RIYADH: Saudi-Italian commercial ties have strengthened after an agreement was signed to improve access to each other’s markets. The Federation of Saudi Chambers and Cassa Depositi e Prestiti, Italy’s national promotional institution, inked a Memorandum of Understanding on Wednesday to increase market access for firms in both countries and deepen economic ties.
Under the cooperation, Saudi and Italian firms would be supported with commerce between the Kingdom and the European country expected to hit $12 billion in 2025. The MoU was signed in the offices of the Federation of Saudi Chambers in Riyadh, by the Secretary General of the organization, Sultan Al-Musallam, and the CEO and General Manager of CDP, Dario Scannapieco.
“We are seeing non-oil exports from Saudi Arabia to Italy growing, which is a great indication of Saudi businesses opening up the Italian market and possibly the European zone as a whole,” al-Musallam told Arab News.
He said, “Today we discussed with the CDP on the Italian side which are the sectors that we need to prioritise in the next five years, including infrastructure, telecommunications, digital infrastructure, including data centres, and tourism and culture.”
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