ID :
149405
Wed, 11/10/2010 - 15:24
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Shortlink :
https://oananews.org//node/149405
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Al Hameli: Italy is UAE's second largest global trade partner
Abu Dhabi, Nov 10, 2010 (WAM)- Minister of Energy Mohammed Bin Dhaen Al Hameli spelt out his hope that the visit by the Italian Minister of Foreign Trade Adolfo Urso will usher in a new era of cooperation between UAE and Italy.
Addressing the Italian Business Forum in Abu Dhabi yesterday, Al Hameli also noted that the Bilateral trade between the two countries fluctuated between USD 5.2bn - 8.2bn in the years 2008 and 2009 respectively. More importantly, Italy remained the UAE's second largest trade partner in spite of the global financial crisis and its impact on international commerce, Al Hameli stressed.
The visiting Italian Minister of Foreign Trade and the ad the accompanying delegation were present at the forum held at the Abu Dhabi Hilton.
"Italian companies have been with us for a long time. In particular, they had substantial contribution to the oil and gas industry in the UAE and are still active in that sector", noted Al Hameli.
Currently there are around 20 Italian businesses operating in the free zones in manufacturing and distribution; in addition to local companies established by Italian entrepreneurs, he added.
The UAE is a major market for Italian luxury designer wear, furniture, as well as machinery for rubber, ceramics and plastics industries, to name but a few. The main UAE export to Italy is crude oil, said the minister.
He added that currently exports from Italy constitute over 80 per cent of the bilateral trade between the two nations. Italian exports to the UAE surpass its exports to other high growth economies such as Brazil, and India.
"Here in the UAE we have to strive to attain an equitable balance of trade through developing better representation of our products in Italian markets, promoting UAE tourist attractions and raising the level of engagement to attain the desired results. The Italian government as well as its business community share this sentiment I believe as evidenced by your presence here today", Al Hameli said.
There is renewed optimism in the UAE economy following the end of the economic downturn that the world has experienced recently. Our real GDP in 2010 is projected to increase at an average growth rate estimated at 2.25%, he stressed.
During past decades the UAE economy has been heavily dependent on oil exports. Through the continual collaboration of all sectors of society and the diligent efforts of the local business community assisted by the financial centres in the country UAE has successfully diversified its economy, said Al Hameli.
"We are also one of the largest foreign investment recipients in the GCC region, attracting more than 73.4 billion dollars in direct investments in the past two decades. Our growth is led by traditional sectors that continue to be strong and robust. Tourism, the hospitality industry, retail and re-exports to nearby markets have all demonstrated continuous growth", Al Hameli stressed.
Describing the infrastructure of UAE as the most developed one and the second to none, the minister also noted that the Ministry of Economy is co-coordinating efforts by various government agencies to define and streamline small and medium enterprises to ensure they attract investment resources, a talented work force and, financial support.
"We have emulated the experiences of successful economies and we are pleased to acknowledge our co- operation with Italy in this respect", said Al Hameli.
Noting that the UAE enjoys a strategic geographic location, Al Hameli said that it helps businesses reach out to the large population centres in the Middle East, North Africa, and the Indian Subcontinent.
"Our initiatives in sustainable clean energy technology have positioned the UAE as a venue for strategic investments in the technologies of the future. Masdar initiative to develop the world's first carbon neutral city, is one such initiative that offers significant opportunities for international investment", Al Hameli said. – Emirates News Agency, WAM
Addressing the Italian Business Forum in Abu Dhabi yesterday, Al Hameli also noted that the Bilateral trade between the two countries fluctuated between USD 5.2bn - 8.2bn in the years 2008 and 2009 respectively. More importantly, Italy remained the UAE's second largest trade partner in spite of the global financial crisis and its impact on international commerce, Al Hameli stressed.
The visiting Italian Minister of Foreign Trade and the ad the accompanying delegation were present at the forum held at the Abu Dhabi Hilton.
"Italian companies have been with us for a long time. In particular, they had substantial contribution to the oil and gas industry in the UAE and are still active in that sector", noted Al Hameli.
Currently there are around 20 Italian businesses operating in the free zones in manufacturing and distribution; in addition to local companies established by Italian entrepreneurs, he added.
The UAE is a major market for Italian luxury designer wear, furniture, as well as machinery for rubber, ceramics and plastics industries, to name but a few. The main UAE export to Italy is crude oil, said the minister.
He added that currently exports from Italy constitute over 80 per cent of the bilateral trade between the two nations. Italian exports to the UAE surpass its exports to other high growth economies such as Brazil, and India.
"Here in the UAE we have to strive to attain an equitable balance of trade through developing better representation of our products in Italian markets, promoting UAE tourist attractions and raising the level of engagement to attain the desired results. The Italian government as well as its business community share this sentiment I believe as evidenced by your presence here today", Al Hameli said.
There is renewed optimism in the UAE economy following the end of the economic downturn that the world has experienced recently. Our real GDP in 2010 is projected to increase at an average growth rate estimated at 2.25%, he stressed.
During past decades the UAE economy has been heavily dependent on oil exports. Through the continual collaboration of all sectors of society and the diligent efforts of the local business community assisted by the financial centres in the country UAE has successfully diversified its economy, said Al Hameli.
"We are also one of the largest foreign investment recipients in the GCC region, attracting more than 73.4 billion dollars in direct investments in the past two decades. Our growth is led by traditional sectors that continue to be strong and robust. Tourism, the hospitality industry, retail and re-exports to nearby markets have all demonstrated continuous growth", Al Hameli stressed.
Describing the infrastructure of UAE as the most developed one and the second to none, the minister also noted that the Ministry of Economy is co-coordinating efforts by various government agencies to define and streamline small and medium enterprises to ensure they attract investment resources, a talented work force and, financial support.
"We have emulated the experiences of successful economies and we are pleased to acknowledge our co- operation with Italy in this respect", said Al Hameli.
Noting that the UAE enjoys a strategic geographic location, Al Hameli said that it helps businesses reach out to the large population centres in the Middle East, North Africa, and the Indian Subcontinent.
"Our initiatives in sustainable clean energy technology have positioned the UAE as a venue for strategic investments in the technologies of the future. Masdar initiative to develop the world's first carbon neutral city, is one such initiative that offers significant opportunities for international investment", Al Hameli said. – Emirates News Agency, WAM
