Saudi Arabia, Italy to sign 20 cooperation agreements

Riyadh, The Gulf Observer: In a bid to further deepen economic and trade ties, Saudi Arabia and Italy will sign 20 cooperation agreements across various fields, said Khalid Al-Falih, the Kingdom’s minister of investment.

Speaking at the Saudi-Italian Investment Forum in Milan on Sept. 4, Al-Falih said that both countries can complement and leverage each other’s strengths to build a better future.

During the speech, Al-Falih invited Italian firms to come and operate in the Kingdom, noting that 150 licensed companies from the European nation are already functioning in Saudi Arabia.

According to Al-Falih, Saudi Arabia and Italy should specifically focus on expanding the scale and quality of joint investments to further deepen the strategic relationship between the nations.

He went on to say that Saudi Arabia’s gross domestic product has already achieved a cumulative growth rate of 66 percent since the launch of Vision 2030.

Al-Falih added that Saudi Arabia is now one among the top ten destinations for foreign direct investments globally.