ROME (Reuters) – Italy and Saudi Arabia on Monday signed a Memorandum of Understanding (MoU) to boost economic relations and investments deemed of strategic importance, the Italian industry ministry said.
Since taking office last October, Prime Minister Giorgia Meloni has sought to forge closer ties with the Gulf countries, shrugging off the concerns of previous coalitions over human rights in the region. She has already lifted an embargo on arms sales to Saudi Arabia and United Arab Emirates.
The memorandum, seen by Reuters, lasts two years and will automatically be renewed for a further 24 months unless one of parties notifies the other of its intention to decline renewal six months before the expiry date.
“Dialogue can help companies develop a technological and industrial partnership,” Industry Minister Adolfo Urso told reporters at the Investment Forum between Italy and Saudi Arabia in Milan.
Among several initiatives being discussed, Italy is courting sovereign wealth funds from the Gulf to invest in a new scheme to provide resources to firms operating in strategically important sectors.
(Reporting by Giuseppe Fonte in Rome and Francesca Landini in Milan, Editing by Angus MacSwan)
