– Trade mission organised by Dubai Chamber in cooperation with the UAE Ministry of Economy
Dubai, UAE: The UAE trade mission, led by Dubai Chamber of Commerce and Industry in cooperation with the UAE Ministry of Economy met yesterday with H.E. Giovanni Toti, the Governor of Liguria to discuss bilateral ties.
The delegates also participated in a round table discussion with a group of Italian investors and businessmen, and visited the Italian Institute of Technology (IIT) and Science and Technology Park (STP).
The delegation, headed by H.E. Eng. Sultan bin Saeed Al Mansoori, UAE Minister of Economy, discussed with the Governor of Liguria ways to improve and develop the economic relations. The two sides also reviewed prospects for joint cooperation.
H.E. Eng. Sultan bin Saeed Al Mansoori, Minister of Economy, said that the long-standing and strategic relations between the UAE and the Republic of Italy is based on mutual understanding and fruitful and constructive cooperation, particularly at the economic and trade levels.
H.E. pointed out that Italy is one of the most important trade partners of the UAE among EU countries, and that the UAE in return is also considered as one of Italy’s primary trading partners in the Arab region, as reflected by their growing bilateral trade. Their non-oil exchange reached about USD 8.2 billion in 2016, up from USD 7.8 billion in 2015. The two countries have forged several cooperative agreements in vital areas that have helped enhance facilities and incentives for the partner countries’ businessmen and opened markets to their investors.
During a roundtable meeting with senior Italian investors and representatives of the two countries’ private sectors, H.E. Al Mansoori reviewed major cooperative opportunities particularly in sectors of high priority within the respective economic agendas of the two countries. Among these is the development of mechanisms for enhancing the exchange of expertise and knowledge in the fields of innovation, entrepreneurship, scientific research and technical science. This, the Minister explained, is in line with the UAE’s efforts to transform itself into a sustainable knowledge-based economy. Participants also discussed prospects for expanding investment partnerships in several sectors such as trade, agriculture and food, transport, aviation, energy, logistics services, and tourism – all of which the two sides have made great strides in strengthening their cooperation.
H.E. added that the Italian city of Genoa, which is characterized by a distinct coastal location along with advanced infrastructure and facilities, provides many promising opportunities for UAE investments. He pointed out that one of the most important outcomes the UAE delegation looks forward from their visit is to be introduced to prominent investment opportunities and to benefit from available resources and encouraging elements. This would further enhance the role of the private sectors of both sides in the development of partnerships that can help boost cooperation in many sectors and further strengthen bilateral relations.
H.E. Al Mansoori emphasized the importance of organizing such visits and meetings at the governmental and private sector levels, referring to them as unique platforms for harmonizing economic and trade visions and developing common mechanisms for advancing the two countries’ respective development goals.
On his part, H.E. Majid Saif Al Ghurair, Chairman, Dubai Chamber said that the Chamber’s participation in this trade mission is a continuation of the Chamber’s efforts to expand economic cooperation and identify opportunities in promising markets around the world.
“Italy offers plenty of trade and investment potential for businesses in the UAE, in addition to strong expertise in manufacturing, agriculture, and construction. The city of Genoa has served as a maritime, manufacturing and financial hub since the 19th century, and continues to be one of the biggest contributors to Italy’s economy,” added H.E. Al Ghurair.
The Governor of Liguria lauded UAE’s economic achievements that had transformed the country into a leading economic international centre. He called the business communities in both countries to build on the existing potential and move on to establish successful economic partnerships in various sectors.
During the business roundtable meeting organized by Dubai Chamber in cooperation with the Genoa Chamber of Commerce, participants reviewed opportunities for cooperation and challenges that might hinder joint economic partnerships and ways of addressing them.
In addition to the UAE delegates, the meeting was attended by H.E. Edoardo Rixi, Regional Minister for Economic Development, Liguria Region, Mr. Paolo Odone, Chairman of Genoa Chamber of Commerce, and a high-level group of Italian businessmen and investors.
H.E. Hamad Buamim, President and CEO, Dubai Chamber said:” Italy is currently Dubai’s fourth largest EU trading partner as the bilateral non-oil between them reached $6 billion in 2016. We look forward to continue our successful partnership with Italy through this trade mission.”
The UAE delegation to Italian Riviera and South France is headed by H.E. Eng. Sultan bin Saeed Al Mansoori, UAE Minister of Economy, and joined by H.E. Majid Saif Al Ghurair, Chairman of Dubai Chamber, H.E. Hamad Buamim, President and CEO, Dubai Chamber; H.E. Eng. Mohammed Al Shehhi, Undersecretary for Economic Affairs – UAE Ministry of Economy, H.E. Jamal Al Hai, Deputy CEO, Dubai Airports, and Mr. Abdulla Qassem, Chairman, Network International.