UAE, Italy strengthen economic partnership

The UAE and Italy discussed the means to strengthen bilateral economic partnership and boost investment exchanges in various new economy sectors, especially renewable energy, tourism, and FinTech, during a meeting held in Milan today.

These efforts will help create new investment opportunities to support the sustainable economic growth through collaboration and partnerships between the two private sectors.

Abdullah bin Touq Al Marri, Minister of Economy, who is leading the UAE delegation to Italy, held a number of bilateral meetings with Italian ministers and government officials, in addition to roundtable meetings with businessmen and investors from both countries to highlight the current and future investment opportunities in various sectors.

Furthermore, Al Marri invited the Italian private sector to take advantage of the features and incentives offered by the UAE economy to achieve growth and expansion in the UAE and the wider MEA markets. These include Investopia, the global investment platform, which aims to create opportunities and enable the investments of the future, in addition to the comprehensive economic partnership agreements, of which the UAE has signed four, with India, Israel, Indonesia, and Turkey so far.

Al Marri discussed the progress in economic relations between the two countries in various fields and sectors with a number of Italian ministers and government officials, including Antonio Tajani, Italian Minister of Foreign Affairs and International Cooperation; Giancarlo Giorgetti, Italian Minister of Economy and Finance; Daniela Santanchè, Italian Minister of Tourism; and Ignazio La Russa, President of the Senate of Italy.

The Minister of Economy stated that the close cooperation between the UAE and Italy is built on historical and strategic ties, with economy as one of its main drivers.

Moreover, he clarified that the visit by the UAE delegation, which includes 50 members from the government and private sectors including investors and businessmen, aims to bolster the economic and trade relations and stimulate the mutual investment flow between the two countries. He added that this is in line with the directives of the wise leadership to develop the bilateral cooperation into a comprehensive economic partnership that contributes to the achievement of the two countries' sustainable development goals.

He stated, "The UAE and Italy share strong, continuously evolving relations, with the unlimited support of both leaderships. Our ties will continue to grow in all aspects, supporting common interests and prosperity."

Al Marri also emphasised that the UAE and Italy share views on several regional and global issues, and that both nations rely on constructive dialogue and diplomacy to address them.

During the meetings, Abdullah bin Touq highlighted the importance of the session to be launched by the global investment platform Investopia tomorrow in Milan, in stimulating investments and encouraging business communities to explore more promising opportunities in new economy sectors. He also invited the Italian Minister of Foreign Affairs to attend the platform's next conference in 2024.

He reiterated that both sides are keen on expanding trade and investment partnership between Abu Dhabi and Rome and creating new opportunities for economic collaboration to build a new, knowledge-based economic model that is more resilient and competitive, thus creating sustainable job opportunities.

In addition, Al Marri pointed out that the tourism sector's development is among the top priorities on the UAE government's agenda, due to the sector's significance as a key pillar of the national economy. "We look forward to exchanging expertise with the Italian side to foster tourism industry's sustainable growth and governance in accordance with international best practices," he said.

"The UAE is keen to promote parliamentary work in line with the directives of its wise leadership. The parliamentary work in the UAE has seen effective participation of women. The UAE is the only country in the MENA region to achieve equality at the parliamentary level. As a result, the country was ranked 30th globally in fostering political empowerment of women by the World Economic Forum," he further added.

Al Marri's meeting with the Italian Minister of Foreign Affairs explored the means to enhance cooperation between UAE and Italy in all areas of common interest.