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UAE Freezones Biz News Updates
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Italy looks to strengthen ties with UAE, says ambassador
UAE a strategic hub for Italian companies thanks to safe, progressive
investment climate
Giorgio Starace, Italian Ambassador to the UAE, says Italy, which takes over
the presidency of the EU as from July 1, looks forward to further
strengthening political, economic and trade ties with the UAE and other GCC
countries.
“The UAE is a strategic partner of Italy in the Mena region, both
politically and economically, and with Italy holding the presidency of the
Council of the EU, it will continue to play its time-honoured role as a
bridge between Europe and the Arab world,” Starace told Gulf News.
The Italian ambassador, whose country will set Europe’s agenda for the next
six months, said high-level political visits have set the tone for
cooperation on various fronts, and potential economic and trade partnerships
have been explored to attract increased investments from the business
communities in both countries.
Ties between the two countries are reflected in the growth in trade. Last
year total trade surpassed €6 billion (Dh30 billion).
The Italian ambassador said export trade from Italy to UAE was worth €5.5
million, while the UAE sent imports worth €500 million to Italy.
The trade figures placed Italy as the second largest European trade partner
of the UAE.
The Italian ambassador said given its status as a stable, safe and
progressive investment destination, the UAE has become a strategic hub for
Italian companies to launch their operations in the Middle East and North
Africa.
He said Italy is willing to further develop its economic and investment
cooperation with the UAE, particularly in sectors where Italy has
exceptional preference and which are in high demand in the UAE market such
as food, agricultural crops, oil, gas and medical equipment, and renewable
energy.
“Since 2010, Italian exports to the UAE have increased sharply. There are
already more than 300 Italian companies operating in different sectors in
the UAE and free zones and this number is still growing as many Italian
firms are coming to open businesses, make partnerships and take advantage of
the favourable conditions of the UAE market,” says Starace.
“Now, as we’re approaching the Italian presidency of the EU, we would like
to focus on a sense of cooperation with the GCC countries. We will surely
try to push the attention of the EU to the Gulf. We will try to promote the
GCC-EU free trade agreement. We are working on a good calendar of meetings,”
the ambassador said.
Starace said Expo Milano 2015 and Expo Dubai 2020 have seen the two
countries join forces in learning from each other, marking a ground-breaking
new collaborative project.
The first of its kind between two universal expositions, the agreement
between the two cities will see the hosts of the upcoming editions of the
global event sharing knowledge, capabilities and experience relating to
systems and processes associated with the organisation of a Universal
Exposition and supporting recruitment and management of human resources.
“Thanks to mutual collaboration between Dubai and Milan, we will create a
sort of continuum between the two events. The fact that it is the first
agreement between two Universal Expositions cannot fail to strengthen both
in terms of visibility, attractiveness and richness of visitor experience,”
the ambassador said.
In travel, Italy has emerged as one of the top ten destinations for UAE
residents, according to Visa’s Affluent Index 2014, which measures people’s
willingness to spend, released in May. The country registered a 36 per cent
increase in UAE travellers’ outbound spend, considered the highest in terms
of growth.
Starace added that the Italian community in the UAE has more than doubled to
10,000 people within the last four years.
The ambassador said it was important for Italy to obtain a visa waiver for
the UAE. “However, the procedure is not complete and a visa is still
required for bureaucratic reasons. Probably, by the beginning of the next
year, the visa waiver will be ready,” Starace said.
The aviation sector is poised for growth too. Abu Dhabi-based Etihad Airways
is looking at possible investment in Alitalia. “Both governments are very
keen to help this agreement. The companies are negotiating and we cross our
fingers that this could be a strategic agreement that could further boost
trade and tourism,” Starace said.
June 23, 2014 |
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Courtesy Al Nisr Publishing LLC
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