RIYADH: Italy is courting wealth funds from the Gulf including Saudi Arabia’s Public Investment Fund to invest in the country’s “Made in Italy” fund.
It was disclosed by Industry Minister Adolfo Urso at the Saudi-Italian Investment Forum in Milan on Monday to promote bilateral ties.
The Italian fund, according to Urso, will provide resources to firms operating in strategically important sectors and boost procurement and reuse of critical resources.
The minister also told the event that Rome could appoint special commissioners to take steps to help implement foreign investment programs in Italy worth at least $1.1 billion.
In 2022, trade between Italy and Saudi Arabia reached €11.5 billion. In the first quarter of 2023, the trade volume jumped 16 percent as compared to the same period in 2021.
Since taking office last October, Prime Minister Giorgia Meloni has sought to forge closer ties with the Gulf countries.
Under Meloni, Italy sees itself playing an increasing role in linking the EU with energy suppliers in the Middle East and North Africa.
