dubai, italy out to build stronger business ties
Dubai Chamber Hosts Reception in Honor of Italian Prime Minister Prof. Romano Prodi during His First Ever Visit to the Emirate
HE Obaid Humaid Al Tayer, Chairman of Dubai Chamber of Commerce & Industry, stressed the Chamber’s interest in playing its leading role in enhancing Dubai’s strategic location as an international business hub in the Middle East region through supporting the local business community, strengthening its competitive advantage and introducing its members to the investment opportunities worldwide.
Al Tayer said that in his welcoming speech conducted during the reception Dubai Chamber has hosted in honor of Prof. Romano Prodi, the Italian Prime Minister. The Italian PM led a delegation that included HE Ms Emma Bonino, Italian Minister of Foreign Trade, and a number of Italian diplomats and businessmen. Al Tayer highlighted the importance of the visit paid by the Italian Prime Minister to Dubai in enhancing the bilateral economic relations between the two countries.
“This significant visit will definitely help bringing the two countries' business communities closer and will also help enhance the overall business atmosphere between the two sides, as well as strengthening the strategic partnerships between Dubai and Italy,” said Al Tayer.
He pointed out that the visit of the Italian Prime Minister and his delegation is a new step towards boosting cooperation and stronger trade ties between Italy and Dubai coming in the wake of the emirate's rapid economic and infrastructural growth and its keen commitment to creating a favorable business environment in order to attract foreign direct investments as the emirate marches towards its goal of turning itself into an international tourism and business hub.
Dubai’s economic policy helped it develop different economic sectors like construction, logistics, professional and financial services to attract foreign direct investments (FDIs), he said. "The emirate is concentrating on building specific clusters such as Media and Internet City, Health Care City, Academic City, Logistics City, Jebel Ali Free Zone and other mega projects including the prestigious Dubai World Central which is the biggest driver of FDIs as the idea here is to compete globally," Al Tayer added.
He stressed the importance of increasing flights between Dubai and Italy (as Emirates Airlines currently provides one daily direct flight between Dubai and several Italian cities). He noted that the increase of mutual flights would help in the development of the bilateral trade, increase of delegations exchange and setting economic partnerships between the business communities in both countries.
Al Tayer briefed the Italian Prime Minister and his accompanied delegation about Dubai Chamber and the services it provides to the local business community, especially after the Chamber has recently launched its new identity and logo that copes with the spirit of Dubai Strategic Plan 2015. Dubai's non-oil trade with Italy reached over AED 11 billion (over Euro 2 billion) in 2006 as the country ranked 12th in the list of Dubai's trade partners. "There are 155 Italian companies registered with Dubai Chamber as the emirate hosts an active Italian Business Council and two Italian trade promotion centers which all coordinate with Dubai Chamber in strengthening the relations between the two countries,” said Al Tayer.
He added that the 3 MoUs signed between Dubai Chamber and the Arab-Italian Chamber of Commerce & Industry & Agriculture in 1998, the Chamber of Commerce & Industry of Vento Region in 1998, and the F.I.E.I Federation of Italian Exporters and Importers in 2003, helped supporting the bilateral ties between the businessmen in both countries. The UAE-Italy Economic Partnership Forum held in Milan in 2005 also helped strengthening bilateral relations.
HE Prof. Romano Prodi, the Italian Prime Minister, expressed his government’s interest over supporting the mutual economic and diplomatic relations between Italy and Dubai and all other initiatives that help establish strong
economic partnerships between both business communities.
HE Ms Emma Bonino, Italian Minister of Foreign Trade, highlighted the importance of organizing a business forum between Dubai and Italy to discuss ways of establishing economic partnership between the two countries and introduce both business communities to the investment opportunities available, just like the Dubai-Hamburg Business Forum which the Dubai Chamber organized and hosted in last October.
