UAE, Italy discuss ways to boost bilateral trade

DUBAI: Etihad Credit Insurance (ECI), the UAE International Investor Council (UAEIIC), Dubai Exports, the Italian Trade Agency (ITA) and Confindustria, the largest Italian industrial confederation, have discussed cooperation in various fields, including increasing exports, Foreign Direct Investment (FDI) and trade finance support between the UAE and Italy.

The high-level discussion is in line with Italy’s objective of promoting ‘Made in Italy’ products across the world and atract FDI in the European country and it is also consistent with the recently launched ‘Make it in the Emirates’ initiative that encourages local and international investors to fulfil their ambitions of developing, manufacturing and exporting their products from the UAE.

The delegation, led by Carlo Ferro, President of ITA and Barbara Beltrame Giacomello, Board Member and Vice President for International Affairs at Confindustria, Amedeo Scarpa Trade Commissioner to the UAE at ITA met in the Dubai

Branch of ECI with Saed Al Awadi, CEO, Dubai Exports & Chairman of the Executive Commitee of ECI, Jamal Saif Al Jarwan, Secretary-general, UAEIIC, and Massimo Falcioni, CEO of ECI, along with senior officials from the entities participating.

Saed Al Awadi said, “The UAE and Italy have always had strong trade relations over the years, and this strategic meeting reflects the keenness of both nations to enhance the competitive advantage of our respective business sectors in the international markets.”

Jamal Saif Al Jarwan said, “Both the countries’ trade relations have remained resilient despite the impact of the pandemic in the global economy. We owe this buoyance to both the governments’ joint efforts in supporting and adopting initiatives to protect the interests of local investors abroad. This meeting is also a crucial step in strengthening the confidence of Uae-based businesses as they set out to access the Italian marketplace.”

Carlo Ferro said, “The traditional friendship and commercial relations between our two countries push us to improve our relations more and more, both through a deeper knowledge and through the implementation of synergies and partnerships and the sharing of best practices, to promote the excellence of Italian products and services. For this reason, ITA and Confindustria will organise, as soon as conditions permit, a UAEIIC visit to Italy to deepen their knowledge of our country and the reality of our business system.”

Barbara Beltrame Giacomello stated, “Despite the strong relations between Italy and UAE, there is still a great potential to be explored and Expo 2020 Dubai would be the first occasion to relaunch Italian presence in the Menasa Region in the post-pandemic period. In EAU path of diversification and growth, our entrepreneurial system, with the right institutional and financial support, can truly be a strategic partner of reference for UAE companies.”

Massimo Falcioni said, “The outlook for bilateral trade looks bright between these two countries. In 2020, Italy was the main European trade partner of the UAE, with AED 37.1 billion ($10.1 billion) of trade value. The UAE has been keen to continuously enhance its existing trade relations with Italy by building partnerships focused on innovation and SMES, thereby boosting the contribution of these sectors to the country’s GDP.

ITALIAN DELEGATION: An Italian delegation led by Luigi Di Maio, Minister of Foreign Affairs, visited the Dubai Future Foundation (DFF) to learn more about the pivotal role the Foundation plays in shaping the future through various initiatives, as well as its global efforts in atracting startups, entrepreneurs and talent to the region.

Khalfan Belhoul, CEO of DFF, Abdulaziz Al Jaziri, Deputy CEO and COO of DFF, and several department heads accompanied the visitors on a tour around AREA 2071, and briefed them on the Foundation’s main initiatives and projects, including Dubai Future Labs, UAE Regulations Lab and Dubai Future Accelerators.

The two parties discussed ways to step up cooperation in supporting startups and entrepreneurs, and exchange information, experience and best practices in innovation, designing the future, building a knowledge-based economy and creating a conducive environment for developing new economic sectors.

The visit coincided with the conclusion of the second edition of the Global Startup Programme, an initiative of the Italian Ministry of Foreign Affairs and International Cooperation organised by DFF in partnership with the Italian Trade Agency (ITA) at AREA 2071. Ater the inaugural 2020 edition took place virtually due to the COVID-19 pandemic, the UAE was the first country to host the programme in residence.