Quotes: US MENA   Enter Symbol: NewsLetter: Search: advanced

UAE and Italy to boost trade and business ties  Join our daily free Newsletter

MENAFN - Khaleej Times - 18/06/2014
No. of Ratings : 0
Add to Mixx!



(MENAFN - Khaleej Times) Two sides explore potential partnerships at uae-italian economic forum

sultan bin saeed al mansouri addresses a forum in marche italy. — supplied photo

italy is the second largest trading partner of the uae in europe and there is considerable potential to develop bilateral trade and business ties between the two countries.

“existing partnerships have enabled economic growth and innovation for businesses creating synergies for further development” according to minister of economy sultan bin saeed al mansouri.

the minister’s comments came at the just-concluded uae-italian economic forum that was held in marche italy. al mansouri led the high-ranking uae delegation comprising government officials senior representatives from the private sector and trade investors. the forum examined potential economic and trade partnerships towards attracting increased investments from the business communities in both countries.

al mansouri highlighted the robust relations that exists between the uae and italy and said the bilateral relations between the two countries have rapidly grown with the increase in trade and investments.

“in 2013 the volume of non-oil trade transactions rose to 6.05 billion. with an increasing number of new strategic agreements being signed we expect further development in trade and economic relations that will see transaction volumes climb exponentially” he said.

“italy has traditionally been a reliable trading partner for the uae across sectors and there is still potential to tap into new investments areas. the uae offers an investment-friendly environment with a transparent financial system and enabling legislations that support trade and business. the uae is also looking to work closely with the italian government in replicating its success in boosting the small medium enterprises (sme) sector” he added.

the uae and italy have also signed agreements on increasing economic industrial and fiscal cooperation. the two governments are seeking to protect the business community by agreeing to avoid double taxation of income and prevent fiscal evasion and fraudulent financial practices.

moving forward the two governments are working to establish a joint committee consisting of representatives from the uae federation of chambers of commerce and industry and the general confederation of italian industry towards enhancing trade between the two countries.

in 2013 the uae led the countries of the middle east and africa in attracting maximum foreign direct investments. currently more than 200 italian firms are based in the country.

in 2013 the uae’s foreign capital investment outside the country was valued at 14.68 billion. this figure equaled the amount (30.56 per cent) of foreign investments flowing out from the rest of the region.

carlo calenda italy’s deputy minister of economic development said the partnership between italy and the uae is poised to grow further. he said the uae is strategically located as a geographical midpoint between europe and asia facilitating logistics and serves as an important gateway for italian products to the region and vice versa.

“recently we have signed a number of memoranda of understanding (mou) covering various key sectors including culture arts and media cooperation which will lead to increasing the volume of business in the future. the uae’s ministry of economy has also partnered with the italian council for national research to drive growth innovation and research in the sme sector in the two countries” calenda said.

— businesskhaleejtimes.com


 






  MENA News Headlines
 Aug 31 2014 - Qatari Jaber Engineering Company signs USD274m contractMENAFN
(MENAFN) Al Jaber Engineering Company has signed a USD 274.42 million deal to contract facilities to support Qatar General Electricity and Water Corporation's Kahramaa pipelines for the Mega ...

 Aug 31 2014 - Saudi's economy is healthily expandingMENAFN
(MENAFN) The Saudi economy witnessed a healthy year causing businesses to expand and grow to meet the rising demand, Arab Times reported.Saudi Arabia has blossomed in its fiscal surpluses due to a ...

 Aug 31 2014 - Major Dubai hospital expansion to cost USD43.8mMENAFN
(MENAFN) The expansion of Rashid Hospital's Trauma and Emergency Centre, which will add 160 beds is set cost USD43.8 million and will be completed by July 2015, Arabian Business reported.Last year ...

 Aug 31 2014 - Gulf Air annual loss down 52 percent in H1MENAFN
(MENAFN) Bahraini Gulf Air announced a 52 percent decrease in annual losses and a financial performance that exceeded the airline's restructuring target by USD38.4 million, Arabian Business ...

 Aug 31 2014 - Omani SQP turns into tourist hubMENAFN
(MENAFN) The Sultanate of Oman began working on turning Sultan Qaboos Port into a tourist hub by transferring most commercial cargo activities from the Muscat-based port to Sohar, Times of Oman ...

 Aug 31 2014 - Qatar's New Port to start operations in 2016MENAFN
(MENAFN) The first phase of the New Port Project, which is set to cost USD7.4 billion, is set to be operational by the end of 2016, The Peninsula Qatar reported.The new port's initial capacity is ...

 Aug 31 2014 - Pakistan - So much for revolutionArab News
(MENAFN - Arab News) I fail to understand as to what Imran Khan and Tahirul Qadri are up to. It amuses me the way they are calling for a 'revolution.' Revolutions are not imposed on a nation. It ...

 Aug 31 2014 - Rebuilding Gaza will take 20 yearsArab News
(MENAFN - Arab News) JERUSALEM: An international organization involved in assessing post-conflict reconstruction says it will take 20 years for Gaza's battered and neglected housing stock to be ...

 Aug 31 2014 - Yemen clash kills 4 troops 13 'militants'Arab News
(MENAFN - Arab News) SANAA/ADEN: Clashes in Yemen between the army and militants killed at least 13 suspected militants and four troops Saturday military officials said.The officials said the ...

 Aug 31 2014 - New US sanctions inconsistent with nuclear talks says IranArab News
(MENAFN - Arab News) TEHRAN/DUBAI: Iran accused the US of duplicity Saturday for imposing new sanctions on organizations linked to Tehran's nuclear program despite long-running but active ...

more...


 






Google

menafn.com

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country

IPO News
Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

US Markets Details

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Investment Game
Economic Calendar
Financial Glossary

My MENAFN
Portfolio Tracker

Voting

Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2000 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help