Italian Business Delegation Creates Closer Ties With UAE

Italy are Aiming to Reach EUR10 Billion of Commercial Exchanges With the UAE in 2011

ABU DHABI, UAE, Nov. 12 /CNW/ - A delegation led by Italian Minister for Economic Development, Paolo Romani, met with the UAE Minister of Economy, Sultan Bin Saeed Al Mansouri, on 8-9 November with an expectation to sign a MoU in 2011.

The delegation of Italian businessmen, government officials and bankers led by Mr. Romani, also met with His Highness Sheikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai to discuss the economic cooperation between the UAE and Italy. Romani said "I hope our two countries can reach EUR10 billion of commercial exchanges in 2011."

Part of the 300 strong Italian delegation included SIMEST - the financial institution responsible for promoting and assisting Italian small and medium sized enterprises (SMEs) abroad. SIMEST is promoting sectors that include Italian hotels, furniture and light manufacturing.

SIMEST Chairman, Giancarlo Lanna said "the UAE is currently Italy's main market for Italian exports in the MENA region with exports as diverse as jewellery, aircrafts, engines and generators." Lanna praised the UAE government for efforts in diversifying their economy: "Considering 90% of Italy's economy is made up of SMEs, the UAE is perfect ground to develop a profitable relationship," he said.

About SIMEST

SIMEST is a development finance institution whose mission is to promote the growth of Italian companies abroad. The holding company provides technical and financial support for investment projects. It was set up nearly 20 years ago and is controlled by the Ministry for Economic Development; its private-sector shareholders include banks and trade associations.

For further information:

please contact Veronique Bernardini on [phone] and [email protected]