Meeting of Economic Committee between UAE and Italy

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

HE Mohammed Al Shihhi, Undersecretary, Ministry of Economy, said:

"The 3rd meeting of this committee holds a grand importance, given the substance that is discussed. We aim at providing a concrete boost to the bilateral relationships and developing investments and economic relations and leveraging the trade exchange between our two countries."

Al Shihhi added: "The agenda of the meeting includes important topics targeting mutual interest areas such as investments exchange, trade and environment as well as ways to leverage the private sector participation in energizing mutual cooperation and encouraging investments, given the potential available in our two countries. We have to benefit from the unprecedented growth registered in the last decade and capitalize on the promising investment opportunities."

H.E. Al Shihhi pointed that local departments participating in the meeting, have held separate preparatory congregations aiming at crystallizing a unified national program tackling important issues, marking them as top priorities to share them with the Italian side.

The first meeting of the Economic Committee that was formed after signing the economic cooperation agreement between the UAE and Italy took place in 1990.

The bilateral relations witnessed big developments within the last recent years, encouraged by the UAE and Italy's leadership eagerness to improving cooperation horizons on high levels, contributing to increasing trade exchange volume to $4.914bn last year from $1.823bn in 2003.

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.

Italian Trade companies active in the UAE are about 100, Trade agencies are 403 and Italian trademarks exchanged in the UAE are about 2255. The UAE and Italy are bonded by an economic, industrial and financial cooperation agreement signed in 1984 and a protocol to establish the common trade and business committee between the UAE Chamber of Commerce and Industry and the Italian Industrial Union in 1992.