By Abeer Nouman

AMMAN - Italy is exploring means to tap investment opportunities in the Kingdom, a senior diplomat said. Italian Ambassador to Jordan Francesco Fransoni said on Thursday that currently joint business is still below the desired level.

The ambassador made the remark during a workshop, organised by the Italian embassy, to highlight ways through which Jordanian businesses can benefit from SACE, which is one of Italy’s leading credit management groups.

The ambassador said the embassy attaches great importance to the Jordanian-Italian partnership, noting that the workshop is a follow up to Their Majesties King Abdullah and Queen Rania’s recent visit to Milan.

During the visit, King Abdullah urged Italian businessmen to make use of opportunities and potential cooperation areas between Amman and Rome.

Highlighting SACE’s mission, Chief Operating Officer Raoul Ascari explained that the group is an Italian public entity owned by the Italian treasury offering insurance cover in more than 155 countries and, at present, insures commercial transactions and financing.

He indicated that the group supports Italian-linked projects through providing loan insurance coverage, noting that the interest could be “untied”.

“In light of the financial crisis, there is a credit crunch and banks are shying away from small enterprises,” he elaborated, pointing out that “SACE can help reduce the risk on the bank”.

Ascari referred to the Shams Maan project and the possibility of SACE supporting it.

During the King’s visit to Italy, a consortium, comprising First International for Investment and Trade, Kawar Energy, the Italian Solar ventures Srl and Maan Development Company, agreed to build the world’s largest PV plant in Maan, with an initial capacity of 100 megawatts (MW) of electrical power, expandable to 200MW.

The Italian party will provide the solar panels for the envisaged project, the Italian ambassador indicated as Maan municipality has allotted a 2,000-dunum plot for the project.

In a presentation entitled, “Italy meets Jordan”, SACE’s economist, Alessandro Terzulli, emphasised that Jordan is an important regional business hub, noting that not all Italian businessmen are aware of business prospects in Jordan and its importance.

Jordan joined the WTO in 2000 and signed a free trade agreement with the US in 2001, its workforce is skilled as 40,000 students graduate from universities every year, Terzulli said, noting that these are good reasons to draw Italian businesses to the Kingdom.

Highlighting previous cooperation, Michal Ron, SACE’s head of International Network, said in May 2008, SACE signed an agreement with the finance ministry on the repayment of the Jordanian sovereign debts to Italy.

Furthermore, there are several Italian companies operating in Jordan including two in the Tajamouat Qualifying Industrial Zone, she added.

To further boost bilateral cooperation, Claudio Scajola, Italy’s economic development minister, announced during the King’s visit to Italy last month that he will visit Jordan, accompanied by a group of Italian entrepreneurs. The date of the visit has not been set yet.