· Sets up follow-up mechanism to facilitate trade and investment
Abu Dhabi, June 28, 2011: The UAE Minister of Economy His Excellency Sultan Bin Saeed Al Mansoori lauded the results of the recent meeting of the UAE-Italian Joint Economic Committee, and announced the formation of an integrated mechanism to follow-up the recommendations of the Committee and strengthen bilateral relations between the UAE and Italy.
The Committee had met in the Italian city of Verona and signed an agreement in the presence of His Highness Sheikh Mohammed Bin Rashid Al Maktoum, UAE Vice President & Prime Minister and Ruler of Dubai.
Al Mansoori said the follow-up mechanism will ensure direct communication with Italian officials through various communication channels and through the UAE Embassy in Italy to assess the progress on the implementation of various initiatives identified at the Joint Committee. He reiterated the commitment of the Ministry to involve local governments and major national companies were part of the delegation to Italy in driving the follow-up process.
H.E. Mohammed Ahmed Bin Abdul Aziz Al Shihhi, Director General of the Ministry of Economy, said: "The visit built on the strategic relations that the UAE enjoys with Italy and we remain committed to ensure the implementation of the projects agreed with the Italian side."
H.E Abdul Aziz Al Shamsi, UAE Ambassador in Italy, added: "Italy clearly understands the critical importance of the UAE as a trading partner, which is one of the most developed and open economies in the Middle East. We value the active contribution of the UAE Ministry of Economy towards strengthening ties between the two countries, and the UAE's embassy in Italy is committed to tirelessly supporting these efforts."
Beside the Committee meetings a joint meeting was organized between Italian businessmen and representatives of national companies. Some 55 Italian companies have expressed their interest in investing in the UAE and the leverage the country's attractive investment environment and economic policies. The UAE business delegates also expressed their confidence on the beneficial impact of the visit in boosting bilateral trade.
His Excellency Abdul Rahman Saif Al Ghurair, Chairman of the Chamber of Commerce and Industry of Dubai said the results of the joint committee meetings with Italy will contribute to the promotion of trade and investment relations with the UAE, in general, and especially Dubai. He praised the importance of the meetings held with the Italian companies and senior officials where the two sides reviewed the investment opportunities in both countries and agreed to open new prospects for cooperation in several vital economic sectors, notably industry, trade and small and medium enterprises.
His Excellency Jamal Al Hai, Senior Vice President - Dubai Airports, emphasized the importance of economic relations with Italy, especially in light of the expansion plans of the UAE on the international level to support tourism sector through building strategic partnerships with various countries to attract tourists to the UAE. He said that Italy has strong potential in tourism, and the UAE delegation came at the right time to open new prospects of cooperation with the Italian side in tourism and travel.
His Excellency Mohammed Al Qamzi, CEO of ZonesCorp, said: "The visit identified attractive investment prospects in Italy and plenty of opportunities to share experiences and insights, as well as opportunities to attract large Italian companies to the UAE."
Shukri Salem Al Mehairi, General Manager of Dubai Investments Industries, added: "Italy has undoubted strengths in the industrial sector, which is an opportunity for the UAE to improve its own industrial capacity through strategic investments in the sector."
His Excellency Ibrahim Al Mansoori, Executive Vice President of the Khalifa Fund said that Italy is one of the most important countries active in the field of small and medium enterprises. He said that the Italian officials have expressed strong desire for cooperation at all levels which will enhance the Fund's experience in the development of SMEs and will strengthen economic relations between the two countries.
He praised the efforts undertaken by the Ministry of Economy for the success of the visit, particularly with regard to signing a cooperation agreement in the field of SMEs which contribute to supporting this vital sector by transferring Italian knowledge and experience to SMEs in the UAE.
Mr. Mohi-Din Bin Hendi, President of Bin Hendi Group, said the global financial crisis has produced a number of investment opportunities in various economic sectors, particularly in the area of franchise where it is necessary to explore these opportunities on the ground. He noted that Italy provides attractive investment opportunities that should be exploited. "We held several productive meetings with the Italian side and we agreed to hold joint meetings to learn more about investment opportunities in both countries and to attract new business to the UAE," he added.
Mona Al-Haddad, CEO of the Ghenej Jewellery, a member of Dubai SME, said the Ministry of Economy offered a perfect opportunity to explore new opportunities in business, especially with Italy being well-known in jewellery industry. She expressed her appreciation for the efforts undertaken by the Ministry in supporting UAE national projects and encouraging them reach out to the world.
-Ends-
For further information, please contact:
Nedal Al Asaad / Nizar Aridi
ASDA'A Burson-Marsteller
Tel: (+971 4) 334 4550
Fax: (+971 4) 334 4556
E-mail: n.aridi@asdaa.com
© Press Release 2011
