Saudi Gazette report

MILAN — Minister of Industry and Mineral Resources Bandar Alkhorayef began an official visit to Italy to discuss opportunities for joint investment in industrial sectors including automobiles, food, space and marine industries in Saudi Arabia.

The visit, which will last until October 16, covers the capital Rome and Milan, and during which the minister will meet with government officials and leaders in the private sector, and visit prominent Italian companies in the field; to transfer knowledge and smart manufacturing solutions to the Saudi industry, and develop bilateral economic ties between Saudi Arabia and Italy.

Alkhorayef will meet Vice President of Saudi-Italian Business Council, Yousef Al-Maimani, and hold a meeting with the Minister of Environment and Energy Security, Giliberto Vertin, in addition to a meeting with the Italian Minister of Enterprise and Industry, Adolfo Urso, to discuss developing industrial cooperation between the two countries.

He will also participate in a multilateral meeting organized by the General Confederation of Italian Industry (Confindustria), with the participation of Vice President of the Confederation for Export and Investment Attraction, Barbara Cimino, and senior leaders of the Italian private sector.

The Saudi minister will begin his visit to Milan with a tour of Alessi Innovation Center, a visit to Leonardo Space, and discussions with the company’s CEO.

He will participate in the “Comulac 2024 – The Grand Challenge” conference, meet with the President of the Lombardy Region, Attilio Fontana, and meet with the CEO of Barilla Food Manufacturing Company, Gianluca Di Tondo.

The trade balance between the two countries indicates that the total Saudi non-oil exports to Italy during 2023 amounted to SR2.8 billion, while the total non-oil imports of Saudi Arabia during the same year reached SR21.8 billion.

The highest Saudi export sectors were concentrated in chemicals and polymers, building materials, heavy machinery and electronics, and packaging, while the highest import sectors were represented in heavy machinery and electronics, building materials, food products, and medicines.