Italy goes on charm offensive in UAE
TRADE MISSION WOOS LOCAL FIRMS IN BID TO SECURE INVESTMENT WORTH BILLIONS OF EUROS FOR CALABRIA REGION
Two days ahead of Expo Milano 2015, the Italian government has appointed a trade mission to Dubai to explore the investment and tourism potential between the two countries.
Giovanni Favilli, Consul General of Italy in Dubai, told Gulf News during a presentation by the Italian commerce and trade mission to the UAE that the overall weak economic situation and the euro’s depreciation increased business potential and competitiveness for Italian firms.
“Italy is very good as an export market. We export the three ‘FFFs’ — food, fashion and Ferraris — to the whole world, and the currency depreciation makes exports cheaper, and in turn increases profit margin,” Favilli said.
The mission focused its presentation on Calabria, a region situated in the south of Italy and well known for its natural and cultural heritage values, Favilli said.
Increase in exports
He added that through this mission, the Italian government is looking to attract investment worth billions of euros across several sectors from different businesses in the UAE.
Justifying the mission to the UAE, Silvia Tropea, a project consultant, said there has been an significant increase in Italian exports to the emirate — especially in the machinery, equipment and tools, jewellery, metal and metal product sectors.
“Compared to 2011, [the] performance of computer and electronics exports in 2014 registered the highest growth at 41.3 per cent, followed by food at 39.5 per cent,” she said.
In general, Italian exports have been steadily rising since 2010. Exports reached €398 billion (Dh1.58 trillion), up 2 per cent on previous year figures — boosted by rising sales to the European Union (3.7 per cent) and the United States (10.2 per cent).
Italy’s exports mostly comprise machinery and equipment (18.3 per cent of total exports); metals and metal products (11.7 per cent); textiles and clothing (11.5 per cent); transport (9.5 per cent) and food and beverages.
Italy’s main export partners in 2014 were Germany (12.4 per cent), France (11 per cent), the United States (7 per cent), Switzerland (5.2 per cent) and the United Kingdom (5 per cent).
‘Made in Calabria’ initiative
Tropea said that the mission’s main aim of the mission is to encourage investment in Calabria across different sectors — thus promoting the ‘Made in Calabria’ initiative among the emirate’s consumers ... “as well as to enhance trade, commercial and industrial relations between the UAE and Italy across several business sectors including [the] agro-food, furniture and oil and gas [industries].”
Focus on food
She added that food is one of the milestones of Italian exports worldwide.
“From January until October 2014, food exports to the UAE increased by 7 per cent compared to the same period last year,” Tropea said.
Cocoa, chocolate and sugar exports to the UAE topped €28 million in 2014 — a 23 per cent increase over 2013.
Food, innovation and sustainability are the main planks on which Expo Milano 2015 is being developed.
However, it is more than an agro-food exhibition with Favilli saying that it deals with two of the most important issues facing the world today — food security and environmental sustainability.