UAE and Italy discuss strengthening bilateral trade

Etihad Credit Insurance (ECI), the UAE International Investors Council (UAEIIC), Dubai Exports, the Italian Trade Agency (ITA) and Confindustria, Italy’s largest industrial confederation, discussed cooperation in various areas, including increasing exports, foreign direct investment (FDI) and support for trade finance between the UAE and Italy.

This high-level discussion is in line with Italy’s objective to promote “Made in Italy” products worldwide and attract FDI to the European country. It is also in line with the recently launched “Make it in the Emirates” initiative, which encourages local and international investors to realize their ambitions to develop, manufacture and export their products from the UAE.

The delegation, led by Carlo Ferro, president of ITA, Barbara Beltrame Giacomello, board member and vice president of international affairs of Confindustria, Amedeo Scarpa, ITA trade delegate to the UAE, met at the ECI Dubai branch with Said Al Awadi, CEO of Dubai Exports and Chairman of the ECI Executive Committee, Jamal Seif Al Jarwan, Secretary General of UAEIIC, and Massimo Falcioni, CEO of ECI, as well as senior officials of the participating entities.

The meeting’s agenda focused on identifying joint strategies to boost trade and investment opportunities between the two countries. It also cements the long-standing relationship that the UAE and Italy share through the exchange of knowledge and economic expertise in promoting business opportunities and helping local investors establish or expand their operations in the post-Covid phase.

The meeting also reviewed the latest updates on existing partnerships between the two countries’ public export credit agencies. In October 2018, ECI and SACE SIMEST signed a memorandum of understanding at the Italian Ministry of Economic Development (MISE) in Rome, followed by a reinsurance agreement to support Italian companies operating in the UAE, signed in April 2019 in Dubai.

Through this agreement, Italian companies and their subsidiaries operating in the UAE were able to protect their operations, mitigate risks, and concretely improve the management of financial flows.