The UAE to strengthen economic and trade ties with Italy
Italy is the second largest trading partner for the UAE and there is considerable potential to develop bilateral trade and business ties between the two countries. Existing partnerships have enabled economic growth and innovation for businesses, creating synergies for further development, according to His Excellency Sultan Bin Saeed Al Mansouri, UAE Minister of Economy.
Al Mansouri’s comments came at the just-concluded UAE-Italian Economic Forum that was held in Marche, Italy. Al Mansouri led the high-ranking UAE delegation comprising government officials, senior representatives from the private sector and trade investors. The forum examined potential economic and trade partnerships towards attracting increased investments from the business communities in both countries.
Al Mansouri highlighted the robust relations that exists between the UAE and Italy, and said: “The bilateral relations between our two countries have rapidly grown with the increase in trade and investments. In 2013 the volume of non-oil trade transactions rose to US$6.05 billion. With an increasing number of new strategic agreements being signed we expect further development in trade and economic relations that will see transaction volumes climb exponentially.
“Italy has traditionally been a reliable trading partner for the UAE across sectors and there is still potential to tap into new investments areas. The UAE offers an investment-friendly environment with a transparent financial system and enabling legislations that support trade and business. The UAE is also looking to work closely with the Italian government in replicating its success in boosting the Small Medium Enterprises (SME) sector.”
The UAE and Italy have also signed agreements on increasing economic, industrial and fiscal cooperation. The two governments are seeking to protect the business community by agreeing to avoid double taxation of income and prevent fiscal evasion and fraudulent financial practices. Moving forward, the two governments are working to establish a joint committee consisting of representatives from the UAE Federation of Chambers of Commerce and Industry and the General Confederation of Italian Industry towards enhancing trade between the two countries.
In 2013, the UAE led the countries of the Middle East and Africa in attracting maximum foreign direct investments. Currently, more than 200 Italian firms are based in the country.
In 2013, the UAE’s foreign capital investment outside the country was valued at US$14.68 billion. This figure equaled the amount (30.56 percent) of foreign investments flowing out from the rest of the region.
Carlo Calenda – Italy’s Deputy Minister of Economic Development, said: “The partnership between Italy and the UAE is poised to grow further. The UAE is strategically located as a geographical midpoint between Europe and Asia, facilitating logistics and serves as an important gateway for Italian products to the region, and vice versa.
“Recently we have signed a number of Memoranda of Understanding (MoU) covering various key sectors, including culture, arts, and media cooperation, which will lead to increasing the volume of business in the future. The UAE’s Ministry of Economy has also partnered with the Italian Council for National Research to drive growth, innovation and research in the SME sector in the two countries.”
For more information:
Nael Abdul Aziz
(m) +971 55 9869766