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UAE-Italian Economic committee meeting begins

posted on 25/11/2008: 1190 views



The Economic Committee formed by the UAE and Italy began its third round of talks yesterday in Abu Dhabi.

Participating in the meetings are officials from ministries of Economy, Foreign Trade, Foreign Affairs, Health, Works, Water, Higher Education, Scientific Research and Education from both countries. Representatives of economic local departments as well as federal and local governmental officials from investment, customs, oil, transport, communications, aviation, tourism sectors will take part of this meeting. Delegates from the UAE's Private Sector are also attending.

Mohammed Al Shehhi, Undersecretary, Ministry of Economy said: "The UAE and Italy are interested in exploring good cooperation opportunities. Despite that the two countries are bonded by an economic, industrial and financial cooperation agreement signed in 1984 which constitutes a good background to develop our bilateral relations, we certainly have more potential and aspirations to take our economic relations into another level and strive to overcome obstacles and open new horizons of cooperation, by capitalizing on the total renaissance witnessed by the UAE and Italy, their distinguished growth and their huge investment potential."

'We believe that bilateral economic relations are taking a big part of our Ministry's activities, our government and private sector in the UAE. This interest generated a big improvement in the economic relations, where the non oil trade exchange increased by 28% within the last five years, reaching US$ 4.914 billion, which makes Italy one of the biggest trade partners of the UAE,' he added.

Al Shehhi added: "The UAE's economy witnesses a strong performance and high evolution in all socio economic fields which reflects our government's directives in diversifying our National economic interests. In 2007, the UAE has achieved a real growth which reached 5.2 per cent with a GDP of US$ 199 billion, constituted mainly by non-oil activities, contrary to what it's publicized. Our interest in improving our overall relations with Italy is unlimited and we hope that these ties will grow deeper and prosper."

"We are optimistic about our relations given the strong opportunities in investment that we have and the rich areas of cooperation that are in place. We were keen to have in this meeting, officials from ministries of Economy, Foreign Trade, Foreign Affairs, Health, Works, Water, Higher Education, Scientific Research and Education. We also have Representatives of economic local departments as well as federal and local governmental officials from investment, customs, oil, transport, communications, aviation, tourism sectors and the private sector. We hope today to overcome obstacles and difficulties as we look forward to enhance our relations with Italy," he concluded.

The main UAE commodities exported to Italy include metals, textile, food stuff, jewels, precious metals and leather products. On the other hand, The UAE imports machinery, chemical products, transportation equipment, precious metals, shoes and rubber products. – Emirates News Agency, WAM

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