Saudi Ministry of Investment (MISA) and the General Authority for Military Industries (GAMI) have  jointly signed a MoU with Elettronica, a leading Italian company in the defence sector, in bid to boost collaboration in areas related to investment in the Saudi defence sector, thus building its capabilities, and positioning it as a key player in the defence industry's global value chain.

 

The agreement further supports Saudi Arabia's ambitious goals of increasing foreign direct investment's (FDI) contribution to the kingdom's GDP to 5.7%, and the private sector's contribution to GDP to 65%, and Saudi Arabia's target to localise 50% of military equipment spending by 2030.

 

MISA signed the agreement at the Ambrosetti Forum, which was hosted by the Italian city of Como, attended by officials from many countries and a group of major international companies.

 

The ceremony was attended by Minister of Investment Engineer Khalid A. Al Falih ‏and Deputy Governor of the GAMI for Localization Mohammad Alathel.

 

MISA participated in several dialogue sessions discussing investment opportunities in the kingdom, introducing the ministry's services in support of investors and investments, and highlighting the country's enablers and incentives offered to local and international investors.-TradeArabia News Service