Italian companies keen to tap investment opportunities in the UAE

"While most of the world economies are taking a down turn, the UAE economy is booming in almost all sectors. One can clearly observe the opportunities offered by the local market and Italian companies are interested in seizing some of these investment opportunities," said Dr Ferdinando Fiore, Trade Commissioner, the Italian Trade Commission (ICE) in Dubai.

Dr Ferdinando Fiore was speaking ahead of the Italian Lifestyle in the Emirates Exhibition to be held at Expo Centre Sharjah from May 24 to 27. The exhibition will feature over 200 exhibitors. This year, the ICE Pavilion will alone have 150 Italian companies, covering a space of over 1,500 square metres.

"Italy has a long and special relationship with the UAE and both the countries are eager to nourish this mutual relationship for a prosperous future. Italy looks at the UAE as its major trade partner in the region. The extensive bilateral diplomatic and commercial activities are clearly visible in ministerial trade missions' visits, signing of bilateral agreements and memoranda of cooperation and the noticeable increase in the number of Italian companies establishing themselves in the local market," Dr Ferdinando Fiore said.

"With the economic boom and the open market policy enjoyed by the UAE economy, the future of Italian companies looks bright. The market is continuously offering trade opportunities and commercial projects. Italian manufacturers have to work harder (and they do) to compete in this market. There are plenty of commercial opportunities for Italian producers to showcase their capabilities," he said.

The exhibition offers the perfect platform for Italian companies which are eager to set up shop in Sharjah and make the city one of their entry points to penetrate the regional markets. "The success achieved in the first edition of the Italian Lifestyle in the Emirates Exhibition has motivated us to work harder and gather more Italian companies who were searching for ways to enter the UAE market," he said.

"Italian products are known worldwide for their superb design with attention to detail in craftsmanship to achieve excellence in quality and style. It is a fact that consumers look for the 'Made in Italy' tag when they want the best," Dr. Fiore said.

The Italian Institute for Foreign Trade (ICE), also known as Italian Trade Commission, is the government agency entrusted with promoting trade, business opportunities and industrial co-operation between Italian and foreign companies. It operates through 100 branch offices in over 80 countries in the world.

"Italy looks at the UAE as the second largest export market for jewellery after the US. Other products such as fashion and accessories, shoes and leather products, furniture, building materials as well as machineries are also exported to the UAE and other GCC states. In 2004, Italy's exports to the UAE totalled 2.13 billion euros as against 1.94 billion euros the previous year. Its import from the UAE amounted to 251.4 million euros. In 2003 it was 182.2 million euros," he said.

There are around 80 Italian companies operating in the UAE. The San Paolo IMI di Torino, one of the biggest banks in Italy, recently opened a representative office in Dubai. "The Italian Trade Commission office in Dubai is continuously working on promoting the UAE to Italian companies by holding seminars and workshops as well as organising various Italian trade missions' visits. We also organise Italian pavilions at all major exhibitions in the country. Furthermore, we have opened an Investment Desk to promote bilateral investments," he added.

The profile of Italian products at the exhibition will include building materials, gift items, furniture, home furnishings and home decorations, crystals and glass, lighting, food products, garments and fashion accessories.

Besides the display of a wide range of products, a major highlight of the exhibition will be the conferences that will be held on the sidelines. They will give traders from both Italy and the UAE a chance to interact and explore business opportunities that exist in their respective countries.

Another highlight of the event will be the live cooking demonstration presented by the Italian Culinary Institute for Foreigners, which will give gourmets a peek into the intricacies of Italian cuisine.

The exhibition is jointly organised by Italian Chamber of Commerce in the UAE & GCC Representative Office, ARTEX-Italy, and Expo Centre Sharjah and will be supported by the Italian Trade Commission in Dubai and the Sharjah Chamber of Commerce and Industry.