The Italian-Saudi Business Council began its meetings today in Milan and will continue on April 30 in Turin. The expanded agenda reflects growing efforts to deepen the recently upgraded strategic partnership between Italy and Saudi Arabia. Council President Kamel Almunajjed emphasized the importance of these discussions.
Strong Bilateral Ties
At the Milan forum, Italian Undersecretary for Foreign Affairs Maria Tripodi described Italy-Saudi relations as “excellent and constantly growing,” especially in trade and investment. She noted that a recent summit between the two countries led to a joint declaration, officially elevating the partnership to a strategic level.
Italian exports to Saudi Arabia reached over €6 billion in 2024—a 27.9% increase from 2023—marking the highest growth rate among Middle East and North African countries.
High-Level Saudi Delegation
A source familiar with the event told Decode39 that this year’s Saudi delegation is significantly larger than in past meetings. This reflects a major step forward in scale and ambition, especially following the March meeting between Italian Prime Minister Giorgia Meloni and Saudi Crown Prince Mohammed bin Salman—a moment Tripodi also referenced in her keynote speech.
Business Agreements and Energy Goals
In an interview with Formiche.net, Kamel Almunajjed shared that 26 deals worth more than €10 billion were signed during Meloni’s visit. These covered clean energy, manufacturing, and technology.
One key goal is to export 1.2 million tons of green hydrogen annually from Saudi Arabia to Europe by 2030. Almunajjed also highlighted partnerships with major Italian companies such as Leonardo and Prysmian in advanced industrial sectors.
Third-Market Cooperation in Africa
Almunajjed pointed to growing collaboration in third markets, particularly in Africa. He said Italy’s Mattei Plan provides a strong foundation for joint efforts, while Saudi Arabia is planning $40 billion in investments across the continent and aims to open 50 new embassies in Africa by 2030.
India-Middle East-Europe Corridor (IMEC)
Almunajjed described the IMEC project as a potential game changer. The $20 billion corridor is expected to cut freight transport time between India and Europe by up to 40% compared to the Suez Canal.
Saudi Arabia is upgrading ports like King Abdulaziz in Dammam and Jeddah Islamic Port into key logistics hubs, while Italy is developing the port of Trieste as a major European entry point.
Cultural and Educational Exchanges
The partnership is also growing beyond business. Almunajjed cited a cultural memorandum of understanding signed in 2023, along with joint museum and archaeological initiatives. A new academic exchange program will begin in 2025, involving more than 500 students and professors each year.
Looking Ahead
Almunajjed said the cooperation between Italy and Saudi Arabia goes beyond bilateral interests. It can serve as a model for building stronger ties with Africa and advancing regional integration. He expects IMEC-related projects to generate up to €10 billion in infrastructure investment over the next five years, expand smart transportation networks, connect renewable energy systems, and help double digital trade between the Middle East and Europe to over €50 billion annually by 2030.
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