The number of Italian companies in the Middle East and North Africa region continues to grow and Italy wants to boost its economic ties with the strategically important region, deputy foreign minister Emanuela Del Re told a business forum in Milan on Thursday.
“Today’s Forum represents and important opportunity to reaffirm the strategic relevance that Italy attributes to Arab countries and to emphasise our intention to strengthen our economic ties with the MENA region,” Del Re stated, according to a foreign ministry statement.
Del Re made the remarks in an opening address to the 3rd Italian-Arab Business Forum in Milan attended by representatives of Italian and Arab institutions and business communities and organised by of the Joint Italian Arab Chamber of Commerce.
The presence of Italian companies in the MENA region has risen by 22 percent over the past decade - not only large groups but also small-to-medium-sized companies, Del Re said.
Building on this trend, Saudi Arabia, the United Arab Emirates, Morocco and Tunisia were this year made priority countries by the Situation Room for Internationalisation - a recent Italian government initiative to boost Italian companies and products abroad - and funding was increased 6.3 million euros from 4.4 million in 2018.
The MENA region is the geographic area in which Italian companies performed best thanks to the institutional support provided by the foreign Ministry and its diplomatic and consular network, said Del Re, citing the findings of a foreign ministry study on the impact of Italy’s economic diplomacy.
But much scope remains to further expand Italy's relations with MENA countries, Del Re said.
“I think that there is still room for greater reciprocal investments to expand and intensify the partnership between our Countries,” Del Re stated.
“I am confident that the inflow of foreign direct investment from your countries will further increase in the near future, especially in the south of Italy, which is another priority for the Italian government,” she told the forum.
The turbulence that has engulfed the MENA region in recent years has not stopped the business community developing economic cooperation, Del Re noted.
"We have built – and intend to consolidate – an economic partnership based on mutual trust and respect,” Del Re said..
Del Re held talks on the sidelines of the forum with Jordan's industry and trade ministe Tariq Hammouri and with Qatar's industry and commerce minister Ali Bin Ahmed Al Kuwari, the statement noted.