UAE, Italy strengthen economic ties, explore investment exchanges

The UAE and Italy plan to strengthen their bilateral economic partnership and boost investment opportunities in key sectors including renewable energy, tourism and the fintech sector.

The partnership is expected to create new investment opportunities to support sustainable economic growth through collaboration and partnerships between the two private sectors.

Abdullah bin Touq Al Marri, Minister of Economy, who is leading the UAE delegation to Italy, invited the Italian private sector to take advantage of the features and incentives available in the country to achieve growth and expansion across the Middle East region.

The incentives offered by the UAE economy include Investopia, the global investment platform, in addition to the comprehensive economic partnership agreements of which the UAE has signed four, with India, Israel, Indonesia and Turkey to date.

UAE, Italy strengthen economic partnership, explore investment exchanges in renewable energy, tourism and FinTech#WamNews https://t.co/misIL31akC pic.twitter.com/Wl9n3sulLA

— WAM English (@WAMNEWS_ENG) May 18, 2023

Al-Marri discussed the progress in economic relations between the two countries in various fields and sectors with several Italian ministers and government officials. The economy minister said that the close cooperation between the UAE and Italy is built on historical and strategic ties, with the economy as one of its main drivers.

“The UAE and Italy share strong, continuously evolving relations, with the unlimited support of both leaderships. Our ties will continue to grow in all aspects, supporting common interests and prosperity,” said Al Marri.

He also emphasised that the UAE and Italy share views on several regional and global issues and that both nations rely on constructive dialogue and diplomacy to address them.

UAE, Italy growing ties

Meanwhile, Al Marri also met Giancarlo Giorgetti, Italian Minister of Economy and Finance to explore mechanisms for enhancing collaboration in priority fields.

The two sides highlighted the need to explore more investment opportunities in the UAE and Italian markets and new economy sectors, particularly finance, technology, advanced sciences, industries, renewable energy, e-commerce, logistics and supply chains.

This will include moving forward with increased cooperation in the fields of climate change, sustainable agriculture and agricultural innovation, food security and circular economy among other areas of common interest.

“We will work alongside our partners in the UAE to enhance bilateral relations and increase trade and investment exchanges in the fields of technology and circular economy, and other areas of common interest,” said Giorgetti.

The visit of Italian Prime Minister Giorgia Meloni to the UAE in March kickstarted a new era of cooperation at all levels, opening up new avenues to develop bilateral relations.

During Prime Minister Meloni’s state visit, Italian energy giant Eni and Abu Dhabi’s ADNOC signed a strategic agreement to accelerate emissions reduction and strengthen cooperation in the clean energy and sustainability sectors.

The two countries adopted two declarations of intent to work on a strategic partnership and to boost their cooperation on green energy.

Investopia Europe, the first event launched by Investopia in 2023, will open tomorrow in the Italian city of Milan, following its annual conference in March.

The event aims to promote dialogue and stimulate global investment in fast-growing sectors, particularly the new economy, circular economy, family businesses and creative industries, and introduce global future trends of investment.

More than 250 leaders, businessmen, investors, entrepreneurs, and economists from around the world are expected to participate in the event.

Read: UAE, Thailand agree to launch CEPA negotiations