DCCI receives an Italian Official Delegation headed by the Vice-President of the Senate of the Italian Republic

Also in attendance was Sultan Majid Lootah, Director of Business Promotion at the Department of Trade and Industrial Development in DCCI. The meeting discussed various issues which contribute to the development of the diplomatic, commercial and economic relations between Dubai and Italy.

The Italian delegation included Dr. Giovanni Da Pozzo, President of the Association of Traders and Tourist Operators (ASCOM) in the Italian province of Udine-Autonomous, Dr. Adriano Luci, Vice President of the Association of Industrial Companies of the Italian province of Udine-Autonomous, and over 30 businessmen and CEOs of major Italian companies.

Al Mutaiwee welcomed the Italian Senator and his delegation and stressed the importance of these visits, which contribute to the development of trade relations and the support of trade exchange between the two countries.

"This visit provides a good chance to be introduced to the investment opportunities available and other facilities which Italy offers to investors from the UAE, benefiting from the importance of Italy among the countries of the European Union (EU). The visit also helps the Italian businessmen and investors be introduced to the available opportunities in Dubai," said Al Mutaiwee.

He pointed out that Dubai is recognized by its outstanding facilities and advanced infrastructure in communications and its other administrative, commercial, industrial, financial fields as well as in construction and tourism, in addition to Dubai's free trade policy which helped the emirate gain the trust of international financial institutions and become an international business hub and a unique destination for investors.

"The DCCI plays an important role in highlighting the position of Dubai through the Chamber's contribution in the last four decades in placing the basics of correct business transactions and effective handling of issues related to different economic sectors. The DCCI relies on its future vision in enhancing its role as a principal that helps Dubai reach its distinguished competitive position in the field of business," Al Mutaiwee added.

He noted that the DCCI is ready to provide the Italian businessmen and investors with all facilities and support to help them start business in Dubai and its free zones, either direct or joint investments. He also invited investors and businessmen in both countries to benefit from the agreements signed between the two countries such as the anti-double taxation agreement which was signed in 1995.

The DCCI's director general underlined the key role played by the Italian Business Council in promoting Italian products and supporting the trade exchange between the two countries, in addition to its role in encouraging investments in Italy and Dubai.

Dubai's non-oil foreign trade has increased in the past few years. Its volume reached AED 215.7 billion in 2004, compared to AED 95.5 billion in 2000, a 126% increase and an annual rate of growth of about 22.6%.

Italy ranks in a position among the biggest ten commercial partners of Dubai. The trade exchange between Dubai and Italy increased in 2004 by 63.4%, compared to 2000, an annual rate of growth of 13.1%. The volume of the non-oil trade exchange between both countries reached AED 6.1 billion in 2004.

Dubai's total imports from Italy reached AED 5.8 billion in 2004. Dubai's total exports to Italy in the same year reached AED 117.7 million, while Dubai's re-exports to Italy in 2004 reached 260 million. Dubai has also recorded an increase in the number of Italian companies working in Dubai which reached 103 companies in 2005.

"We look forward to increase the volume of investments and the number of visits of businessmen and delegates to exchange expertise and continue holding exhibitions and economic forums just like the recent UAE-Italy economic partnership forum which the UAE organized in June in Italy. We also invite our Italian partners to take similar steps and start organizing more economic forums and trade exhibitions of Italian products in Dubai, as it is important in enhancing cooperation and is a direct meeting contact between the Italian producers, distributors and traders in the UAE with their counterparts in the UAE and the Gulf," Al Mutaiwee added.

His Excellency Senator Francesco Moro, Vice-President of the Italian Senate, highlighted the remarkable relation between the UAE and Italy and stressed his government's interest over attracting more commercial delegates and exchanging visits with businessmen in the UAE in general, and in Dubai in particular.

"Exchanging visits of commercial delegations between our countries, providing the opportunity to hold meetings among businessmen and investors in Dubai and Italy and the exchanging of ideas and expertise through trade exhibitions effectively contribute to the enhancement of economic and trade relationships between both countries, in addition to finding new opportunities of investment in Dubai and Italy," said Senator Moro.

The members of the Italian delegation introduced themselves as each one of them spoke of his company and the field of business in which he is involved. They explained their intention to hold commercial partnerships and joint projects with their counterparts from Dubai.

The Italian companies deal in metallic construction and steel structures, fiber glass and PVC products for building construction and systems, aluminum, solid wood, ceramics, marble, drainage systems, electrical power supply systems, electrical systems, alternative energy, air conditioning, reinforced concrete, waste collection and treatment plants.