Minister of Economy briefs Italian businesses on the developments in UAE’s business environment
Minister of Economy briefs Italian businesses on the developments in UAE’s business environment
Visiting UAE delegation learns about Lombardy region’s experience in digital transformation and 4th Industrial Revolution
During his meeting with Italy’s Lombardy region’s business, industry, trade, and investment community representatives, H.E. Abdulla Bin TouqAl Marri, UAE Minister of Economy, elaborated on the latest developments in the UAE’s business environment and the new investment incentives introduced in line with the ‘Projects of the 50’ and the country’s new economy. H.E. Bin Touq further highlighted the significance of the new economy as a sustainable and flexible alternative that is open to global markets in line with emerging trends and technologies.
H.E. Bin Touq further elaborated on the most prominent Projects of the 50 and their goals to create partnership opportunities for the UAE’s and Italy’s business sectors as the next step. In addition, he explained the country’s new economic development policies and regulations that are set to promote openness, attract talents, and facilitate business for global investors. These policies include the granting of 100 per cent foreign ownership of businesses and investment, and the amendments to the residency system that now offer a wider array of choices for life, work, investment, and tourism in the UAE.
The discussions took place during the Minister of Economy’s visit to Italy along with a high-profile accompanying delegation. The meeting took place with the participation of CEOs of more than 15 leading Italian companies specializing in the pharmaceutical industry, environmental solutions, green investment, fashion, freight service, software services, and administration of investment funds.
Furthermore, the visiting UAE delegation conducted a roundtable meeting with a group of member companies of Assolombarda, the association of companies operating in the Metropolitan City of Milan and in the provinces of Lodi, Monza and Brianza and Pavia. The association has major companies in vital sectors such as the electromechanical industry, advanced manufacturing, chemical industries, transportation, tourism, business services, fashion, and others. The meeting saw various Italian companies deliver presentations before H.E. Bin Touq and the accompanying UAE delegation, focusing on latest market updates, and evolving interests of business and various technologies.
In this context, H.E. Bin Touq said: “The UAE is establishing itself as an incubator for future innovations and technologies, as well as a global hub for transformation towards new digital technologies in various sectors. Driven by the latest economic developments in line with the ‘Projects of the 50,’ the country’s business environment is attracting international startups and innovative companies specializing in technology and future sectors to establish their bases in the UAE and expand throughout the country and to other regional and global markets”. Moreover, H.E. Bin Touq invited Italian companies to explore the UAE’s leading business environment and incentives offered to business activities and investment in various sectors, specifically sectors of the new economy.
H.E. Sameh Al Qubaisi, Director General of Economic Affairs at Abu Dhabi Department of Economic Development, said: "We are here in yet another instance of strategic cooperation in the long-standing partnership between Italy and the UAE, and we are conveying a clear message to the Italian private sector: the UAE’s business environment is equipped with all the necessary facilities and supportive policies they need to achieve business growth in the region. The country’s world-class infrastructure and governance standards, as well as its strategic presence on the global business stage, continue to guide its growth and progress, and help facilitate access for global firms into the emerging and lucrative markets of MENA and Asia”.
"We're working with our Italian partners to build an integrated business ecosystem through which Italian businesses can tap into Abu Dhabi's significant investments. The emirate is ready with a significantly reduced body of regulations, a consolidated and seamless investment journey, as well as diverse financial products to help businesses achieve expansion and productivity,” he added.
Alessandro Spada, President of Assolombarda Lombardy Industrial Federation, said: "The UAE is a strategic partner of our companies, and the trade relations between our economies are very strong. Data indicate that Lombardy’s exports to the UAE account for 30% of the total Italian exports to the UAE."
He added that Lombardy is keen to explore new opportunities for its companies to strengthen their presence in the UAE markets, particularly in sectors of common interest that are based on advanced and innovative industries. These efforts will help promote post-pandemic recovery, create a better investment climate, and enhance cooperation between the two business communities, he added.
Meanwhile, Veronica Squinzi, Vice President of the Federation, said that UAE is an important market for Lombardy’s businesses and investors with promising trade and investment potentials. This is particularly so with the hosting of Expo 2020 in Dubai, which enhanced the UAE's competitiveness as an incubator for innovation and creativity and being open to the world, she noted.
She added that the visit of the UAE delegation, led by the Minister of Economy, represents an important step and paves the way for deepening bilateral cooperation between the two sides, particularly in advanced technology sectors.
H.E. and the UAE delegation also visited MADE – Competence Center Industry headquarters in Milan, one of the leading centers for innovation and digitization in Italy that supports national companies in digital transformation and the adoption of 4IR applications. Here, the visiting UAE delegation was briefed on the Center’s expertise in providing knowledge, methodologies, and digital tools for the substantive development of products and services by companies. The UAE Minister of Economy and the Center’s management discussed means of cooperation with the relevant institutions, research centers, business incubators, and the private sector in the UAE to facilitate transfer and exchange of knowledge in the management of innovation, technology transfer, and R&D activities. The cooperation will also entail assistance in the implementation of the Fourth Industrial Revolution tools, which will promote high standards of sustainability and competitiveness in the UAE’s business environment.
H.E. Bin Touq confirmed: "This visit has helped us take advantage of the leading Italian experience in an array of promising economic fields. We will work during the next phase to develop mechanisms to share knowledge and exchange experiences, skills, talent, and training with our partners in Italy to accelerate the digital transition and implement 4IR tools across various manufacturing, industrial, and trade sectors of the UAE.”
H.E. Omar ALShamsi, Ambassador of UAE to the Republic of Italy; H.E. Abdulaziz Al Nuaimi, Assisting Under-Secretary of the Commercial Affairs Regulation Sector at the Ministry of Economy; Jamal Al Jarwan, Secretary General of the UAE International Investors Council (UAEIIC); H.E. Sameh Abdullah Jumaa Karam Al Qubaisi, Director General of Economic Affairs at the Department of Economic Development - Abu Dhabi; and Mr. Ahmed Burahimah, Deputy Director of Economic and Commercial Affairs at the Ministry of Foreign Affairs and International Cooperation, along with several senior officials in government entities and the private sector attended the meetings.
