KSA, Italy sign MoU to boost trade ties

RIYADH: The Council of Saudi Chambers of Commerce and Industry (CSCCI) and the Italian export credit agency SACE on Thursday signed a memorandum of understanding (MoU) on trade and investment cooperation, which is expected to support the Vision 2030 strategy.

Alessandro Decio, SACE chief executive, and Ahmed Al-Rajhi, CSCCI chairman, signed the MoU at the CSCCI headquarters in the Saudi capital in the presence of Italian Ambassador Luca Ferrari.

“Our trip to Saudi Arabia has been both productive and constructive and we have a feeling that the business opportunity is even better than we expected before we visited the Kingdom,” Decio told Arab News.

“The signing of the MoU is a significant opportunity for the Italian export credit agency to boost bilateral trade between Saudi Arabia and Italy,” he said.

Bilateral trade between the countries reached €8 billion ($10 billion) in 2017 compared to €6.7 billion ($7.8 billion) the previous year, according to embassy records.

Ferrari expressed optimism about the MoU and the visit of Italian company officials to the region.

“The fact that SACE is here today and signed an MoU with the Council of Saudi Chambers is concrete and tangible proof of the willingness of the Italian government to invest in Saudi Arabia,” he said.

He said that SACE bankrolled Italian firms intending to invest capital in the Kingdom and helped Saudi firms planning to invest in Italy. “It’s a two-way win-win situation for both the Saudi and the Italian governments,” he said.