A delegation of 20 businessmen - organized by the Council of Saudi Chambers of Commerce and Industry - in Italy until the 14th of July, will focus on defining the needs of the Italian market for Saudi products. The businessmen, headed by Dr. Abdul Rahman Al-Rabea, are visiting Rome and Milan. Khalid Al-Otaibi, assistant general manager of external affairs at the council and a delegation member, said that their aim is to increase trade and investment exchange between the two countries, according to a press statement published today. Saudi Arabia's exports to Italy totaled SR8.87 billion in 2003, an increase of 31 percent from 2002. Italy ranks sixth in imports to the Kingdom; they reached SR5.51 billion in 2003, an increase of six percent from 2002. The trade balance between the two countries in 2003 was SR14.37 billion. Al-Otaibi pointed out that oil exports made up 90 percent of the Kingdom's total exports to Italy and that part of this visit's goals is to increase the Saudi non-oil exports to Italy. "We want to provide the opportunity to Saudi exporters to know what Italy's market needs by way of Saudi products," he said. He added that during the visit there would be a signing of a memorandum of understanding to establish a joint Saudi-Italian business council.
