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Italian Ambassador to Asharq Al-Awsat: Strategic Cooperation with Saudi Arabia is Growing in Light of Vision 2030

Italian Ambassador to Saudi Arabia Roberto Cantone (Asharq Al-Awsat)
Italian Ambassador to Saudi Arabia Roberto Cantone (Asharq Al-Awsat)
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Italian Ambassador to Asharq Al-Awsat: Strategic Cooperation with Saudi Arabia is Growing in Light of Vision 2030

Italian Ambassador to Saudi Arabia Roberto Cantone (Asharq Al-Awsat)
Italian Ambassador to Saudi Arabia Roberto Cantone (Asharq Al-Awsat)

Future Investment Initiative (FII7) established a new road map for cooperation between Rome and Riyadh and enhanced the opportunities for strategic and dynamic ties, said Italy’s Ambassador to Saudi Arabia Roberto Cantone.

Over 70 Italian companies are investing in the Saudi market, especially in green energy, artificial intelligence, and technology sectors.

In an interview with Asharq Al-Awsat, Cantone stressed that the FII7 became a leading global platform for exploring new trends, opportunities, challenges, and emerging industries that would shape the global economy and investment environment over the coming decades.

The FII7 Forum allowed Italian companies to discuss with their counterparts from investment groups and emerging companies in Riyadh.

According to Cantone, Italy’s high-level participation in the conference contributed to enriching discussions on pivotal long-term investment projects and global trends that shape future economies.

It also provided the opportunity to enhance cooperation between Rome and Riyadh in many areas, as identified by Vision 2030.

Cantone recalled that bilateral relations date back to the 1930s and have been expanded steadily over the years.

He indicated that the Kingdom currently witnesses steady growth in several areas of cooperation across various sectors, ranging between the latest technologies and their applications in the healthcare system, agriculture, space, cultural heritage, and preservation of antiquities.

Cantone reiterated that cooperation between Italy and the Kingdom is witnessing a strategic and dynamic development, as evident during the bilateral investment forum in Milan last September.

The forum highlighted the great potential to enhance cooperation between the two nations in various fields, including green energy, artificial intelligence, and technology, he said.

The latest trade exchange data shows bilateral trade relations between Italy and Saudi Arabia are witnessing upward growth, reaching $12 billion in 2022.

The first quarter of 2023 was also promising, as Italian exports to the Kingdom grew 24 percent.

The diplomat pointed out that Italian exports to the Kingdom include industrial machinery, electronic devices, communications devices, chemicals, pharmaceutical products, agricultural foods, fashion, design, cosmetics, and cars.

The total balance of Italian net foreign direct investment in Saudi Arabia amounted to more than $4.6 billion, said Cantone, pointing out that the investment forum in Milan witnessed the signing of a memorandum to enhance direct investments between the two countries.

Cantone concluded by expressing his pleasure that Saudi companies, namely the Public Investment Fund (PIF), have become more interested in investing in strategic sectors of the Italian economy, saying it confirms the Kingdom’s confidence in the Italian business environment.

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FAO Official: Gulf States Shielded Themselves from Major Shocks

David Laborde, Director of the Agrifood Economics Division at the UN's Food and Agriculture Organization (FAO)
David Laborde, Director of the Agrifood Economics Division at the UN's Food and Agriculture Organization (FAO)
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FAO Official: Gulf States Shielded Themselves from Major Shocks

David Laborde, Director of the Agrifood Economics Division at the UN's Food and Agriculture Organization (FAO)
David Laborde, Director of the Agrifood Economics Division at the UN's Food and Agriculture Organization (FAO)

David Laborde, Director of the Agrifood Economics Division at the UN's Food and Agriculture Organization (FAO), told Asharq al-Awsat that global hunger increased sharply during the coronavirus pandemic, noting that the GCC countries were able to shield themselves from major shocks affecting food security.
Laborde added that global hunger affected over 152 million people, with no improvement in the past two years.
Today, 733 million people suffer from chronic hunger, and 2.3 billion face food insecurity, according to the UN annual report on “The State of Food Security and Nutrition in the World.”

Laborde explained that the global economic crisis has worsened food insecurity, keeping hunger levels high.
Alongside this, climate shocks and conflicts are major causes of hunger. He also pointed out that food insecurity is closely tied to inequality, and the economic crisis, rising living costs, and high interest rates are deepening existing inequalities both within and between countries.
On whether economic diversification in Gulf Cooperation Council (GCC) countries is boosting food security, Laborde said: “A move towards a more diversified economy and enhancing the ability to rely on various sources of food supplies are key drivers of food security resilience and stability.”
“GCC countries have managed to shield themselves from major shocks, primarily due to their high income levels and ability to cover import costs without difficulty,” he explained.
Regarding the FAO’s outlook on reducing global hunger, Laborde insisted that ending hunger will require a significant increase in funding.
When asked for suggestions on how governments could enhance food security, Laborde said: “Despite global figures remaining stable, improvements are seen in Asia and Latin America, showing that the right policies and conditions can reduce numbers.”
“Hunger is not inevitable. Investing in social safety nets to protect the poor, along with making structural changes to food systems to be more environmentally friendly, resilient, and equitable, is the right path forward,” emphasized Laborde.
The annual State of Food Security and Nutrition in the World report, published on Wednesday, said about 733 million people faced hunger in 2023 – one in 11 people globally and one in five in Africa.
Hunger and food insecurity present critical challenges affecting millions globally.
The annual report, released this year during the G20 Global Alliance for Hunger and Poverty Task Force ministerial meeting in Brazil, warns that the world is significantly lagging in achieving Sustainable Development Goal 2—ending hunger by 2030.
It highlights that global progress has regressed by 15 years, with malnutrition levels comparable to those seen in 2008-2009.
Despite some progress in areas like stunting and exclusive breastfeeding, a troubling number of people still face food insecurity and malnutrition, with global hunger levels rising.