UAE, Italy keen to improve trade ties

dubai - Value of bilateral non-oil trade exchange in 2016 was $8.2 billion

The UAE trade mission, led by the Dubai Chamber of Commerce and Industry in cooperation with the UAE Ministry of Economy, met Giovanni Toti, governor of Liguria, to discuss bilateral ties.

The delegates also participated in a roundtable discussion with a group of Italian investors and businessmen, and visited the Italian Institute of Technology and Science and Technology Park.

The delegation, headed by Sultan bin Saeed Al Mansouri, 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.

Al Mansouri said the long-standing and strategic relations between the UAE and Italy is based on mutual understanding and fruitful and constructive cooperation, particularly at the economic and trade levels.

He pointed out that Italy is one of the most important trade partners of the UAE among European Union 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 $8.2 billion in 2016, up from $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, Al Mansouri 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.

Majid Saif Al Ghurair, chairman, Dubai Chamber, said the chamber's participation in this trade mission is a continuation of its 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," Al Ghurair said.

The governor of Liguria lauded the 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 to establish successful economic partnerships in various sectors.

- business@khaleejtimes.com