News & Media

UAE-Italian partnership in 15 economic sectors

2018-10-21

The sixth session of the joint economic committee between the UAE and the Italian Republic was held in Rome, where the UAE delegation was headed by HE Sultan bin Saeed Al Mansouri, Minister of Economy. Italian Minister Luigi de Mayo was the Italian Minister of Economic Development.

The committee discussed the items on its agenda aimed at developing economic relations between the two friendly countries and enhancing cooperation frameworks through coordination of bilateral efforts and the agreement of the governments of the two countries on a work program for the next phase covering more than 15 economic sectors covering various fields of common concern. Between the two countries at the governmental and private levels.

The discussions focused on the development of effective mechanisms for cooperation in a wide range of sectors, notably innovation, SMEs, foreign trade, investment, civil aviation, intellectual property, infrastructure, tourism, renewable energy, the Halal industry, agricultural investments, pharmaceuticals and space programs.

Sultan Al Mansoori and Luigi De Mayo signed the protocol for the sixth session and the Sharjah Foreign Investment Office signed a memorandum of understanding with the Italian Trade Agency.

Sultan bin Saeed Al Mansoori said in his speech during the meeting that bilateral relations between the UAE and Italy are witnessing continuous growth and are based on solid foundations of respect, understanding and common interests. The two countries have a strong partnership based on fruitful cooperation in various vital economic sectors, Which represents a bet for future development, such as modern technology, innovation and advanced industries.

Trade cooperation

He added that the joint economic committee between the two countries achieved through the previous five sessions a great progress in building effective channels of partnership and trade and investment cooperation and government coordination and linking the private sector in the two countries, which resulted in many successful projects and investments and contributed to raising the terms of trade, The total foreign non-oil trade between them in 2017 is more than 7.9 billion dollars, pointing out that the UAE is the largest Arab trading partner of Italy, and Italy is the fourth largest European partner of the UAE.

Italian investments in the UAE are concentrated in the wholesale, retail, real estate, construction and technical and scientific sectors, while the UAE’s total investment in Italy is 510 million euros, mainly in the ceramics and aluminum industries, aircraft maintenance,

Established relationships

For his part, Luigi de Mayo, Minister of Economic Development of Italy, welcomed the UAE delegation, stressing that the bilateral relations between the two countries are well-established historical relations, especially the economic and trade ties, which represent an important and continuous model at the regional level, stressing his country’s keenness to work with the UAE to increase trade. Investment, cooperation and exchange of experiences in various vital sectors, foremost among which are innovation, entrepreneurship, agriculture and food, given their great importance to the two countries, as well as other vital sectors such as renewable energy, construction, technology, education, Aviation and Aviation.

De Mayo said that the UAE is the most important market for Italian exports in the Gulf region, the Middle East and North Africa. It hosts more than 600 Italian companies, whether registered in the UAE or operating in free zones. Italian investments in the UAE amounted to 10 billion euros .

He stressed the importance of Italy’s participation in Expo 2020 as an ideal opportunity for Italian companies to enhance their business and investment presence in the region.

Commonalities

The UAE Ambassador to the Republic of Italy, Saqr Al Reissi, affirmed the strength of strategic relations and the strength of the bilateral ties between the two countries, which resulted in a positive atmosphere of cooperation during the meetings of the Joint Economic Committee and strengthened the paths of cooperation agreed upon by the two friendly countries to benefit from their many commonalities and high economic potential. To enhance opportunities for partnership and to establish initiatives and projects that serve both sides’ vision, especially in the fields of advanced technologies.

Eng. Mohammed Ahmed bin Abdul Aziz Al Shehhi, Undersecretary of the Ministry of Economy for Economic Affairs, reviewed the minutes of the meeting of the sixth session of the joint UAE-UAE Joint Economic Committee and highlighted the axes of the items agreed by the committee to represent a joint cooperation program for the governments of the two countries. Range for both countries. He said that trade between 2016 and 2017 amounted to more than 12.8 billion euros and that UAE investments in Italy were 510 million euros

He stressed the importance of Italy’s participation in Expo 2020 as an ideal opportunity for Italian companies to enhance their business and investment presence in the region.

Commonalities

The UAE Ambassador to the Republic of Italy, Saqr Al Reissi, affirmed the strength of strategic relations and the strength of the bilateral ties between the two countries, which resulted in a positive atmosphere of cooperation during the meetings of the Joint Economic Committee and strengthened the paths of cooperation agreed upon by the two friendly countries to benefit from their many commonalities and high economic potential. To enhance opportunities for partnership and to establish initiatives and projects that serve both sides’ vision, especially in the fields of advanced technologies.

Eng. Mohammed Ahmed bin Abdul Aziz Al Shehhi, Undersecretary of the Ministry of Economy for Economic Affairs, reviewed the minutes of the meeting of the sixth session of the joint UAE-UAE Joint Economic Committee and highlighted the axes of the items agreed by the committee to represent a joint cooperation program for the governments of the two countries. Range for both countries. He said that trade between 2016 and 2017 amounted to more than 12.8 billion euros and that UAE investments in Italy were 510 million euros.

The two sides agreed to strengthen cooperation in the field of intellectual property rights, policy and awareness initiatives in this area, especially among SMEs, start-ups and entrepreneurs.

The agreement also included strengthening cooperation between the two countries in the infrastructure, transportation, oil, gas and real estate sectors, as well as the environment, water, electricity and renewable energy sectors. The two sides also agreed to cooperate in the pharmaceutical industry and the health care sector

The delegation included Jumah Mohammed Al-Kait, Assistant Undersecretary of the Ministry of Economy for Foreign Trade, Marwan Al-Sarkal, CEO of Sharjah Investment and Development Authority (Shurooq), Mohammed Obaid Al-Alili, Director General of the Industry and Economy Department in Fujairah, Taher Al-Kindi Al Marar, Second Vice President of Abu Dhabi Chamber of Commerce and Industry, Chairman of Fujairah Chamber of Commerce and Industry and member of the Federation of Chambers of Commerce and Industry in the UAE, as well as representatives of a number of government and private entities in the country, notably the Ministry of Foreign Affairs and International Cooperation, Abu Dhabi Securities Exchange , The Abu Dhabi Investment Office, Expo 2020, and many companies, investment groups and private sector institutions in the country.

Establish a joint credit team for cooperation in seven areas

The Union of Export Credit, signed a memorandum of understanding with the Italian Export Credit Corporation (SACE) during the sixth session of the UAE-Italy Joint Commission to promote business opportunities between the UAE and Italy.

The two companies agreed to set up a joint task force to collaborate in seven key areas: insurance, reinsurance and collection initiatives, information exchange, technical training programs, Halal industry, Shari’a compliant insurance and financing solutions, trade promotion through corporate events and workshops, investments And SME project programs.

The MoU was signed at the Italian Ministry of Economic Development in Rome in the presence of Eng. Sultan Bin Saeed Al Mansouri, Minister of Economy and Vice Chairman of the Federation of Export Credit, Luigi De Mayo, Italian Minister of Economic Development, Eng. Saed Al Awadi, Board of Directors and Chairman of the Executive Committee of the Union for Export Credit.

The memorandum was signed by Massimo Valcioni, CEO of the Union of Export Credit and Alessandro Desio, CEO of the Italian Export Credit Corporation.

Under the memorandum of understanding, the two companies are committed to enhancing cooperation between the two countries through exchanging experiences, enhancing trade relations in both countries and exploring investment opportunities as well as mechanisms to deepen trade and investment partnerships in various economic sectors of mutual interest. Halal industry through the provision of Sharia-compliant insurance and financing solutions.

“The MoU contributes to the growing trade between the two countries, especially as Italy is one of the main trading partners of the UAE in the EU and the UAE is a major trading partner of Italy,” said Massimo Valcioni.

“Our office in Dubai, with future projects worth 5 billion euros (21 billion dirhams), will play an active role in the joint task force, which will play a major role in building bridges of economic cooperation between the

Just ping us on Whatsapp for a quick inquiryWhatsapp us now (+971526709588)
x