Italy seeks greater PIF investment

Rome: The Italian government is looking to increase investment in the country by the Public Investment Fund, 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 in Rome on Thursday with the Italian Minister for Economic Development Adolfo Urso.

During the meeting, ideas for strengthening commercial and economic relations between Italy and Saudi Arabia were discussed.

“Our bilateral economic relationship is experiencing a very positive moment. Now we must work together on a progressive consolidation of this strategic partnership,” Urso said.

“As Saudi Arabia represents a great opportunity for Italian companies, many Saudi companies now show great interest too in coming to invest in Italy. We could not be more pleased for this.”

Urso also recalled the “strong presence of Italian economic operators in Riyadh,” and praised the “fruitful cooperation with Saudi Aramco. But we can still do so much more together, as the potential could not be higher also in the fields of arts, culture and tourism.”

The minister noted that the PIF is increasing its investments in Italy, particularly in the luxury aspects of the automotive, shipbuilding and hotel sectors.

“The Italian government is committed to creating the best conditions for attracting foreign investments,” Urso said. “I trust that the Saudi sovereign fund will increase its investments in Italy by focusing in particular on the excellence of the ‘Made in Italy’ brands and products.”

Saudi-Italian bilateral trade reached €11.5 billion ($12.68 billion) in 2022, a 41 percent increase compared to the previous year.