H.E. Abdulla bin Touq discusses deeper economic collaboration with Italy and San Marino in tourism, technology, and the new economy

UAE welcomed 359,000 Italian visitors in 2024, reflecting a 9 per cent increase from 2023

His Excellency Abdulla bin Touq Al Marri, Minister of Economy and Chairman of Investopia, held a series of meetings with several ministers from the Italian government and the Government of San Marino, on the sidelines of the third edition of Investopia Europe, held in Milan. H.E. Alia bint Abdulla Al Mazrouei, Minister of State for Entrepreneurship, and H.E. Abdulla Ali AlSubousi, UAE Ambassador to the Republic of Italy, also attended the meetings.

During the discussions, H.E. Bin Touq highlighted the robust and profound relations between the UAE and Italy, which continue to advance across various fields, particularly on economic and investment fronts.

H.E. said: “Both nations offer promising opportunities to diversify and expand the scope of existing economic collaboration across sectors of mutual interest. This momentum is reinforced by growing business and investment flows, as well as a series of economic cooperation agreements signed between the two countries in various fields. Currently, there are 7,536 Italian companies and over 400 commercial agencies operating in the UAE, across diverse sectors including financial technology, transportation, tourism, energy, and hospitality.”

In this context, H.E. Bin Touq and H.E. Alia Al Mazrouei held a meeting with H.E. Adolfo Urso, Italy’s Minister for Enterprises and ‘Made in Italy,’ to explore new strategies and action plans aimed at deepening economic cooperation. The discussions centered on enabling further growth for the UAE and Italian business communities, while advancing shared interests and common aspirations.

H.E. Alia Al Mazrouei stated: "The discussions with our Italian counterparts mark a significant step toward strengthening cooperation in entrepreneurship and SMEs. This collaboration aims to create more opportunities for entrepreneurs and startups in both markets, enhance their competitiveness across various economic sectors, and encourage their expansion into foreign markets."

Her Excellency also briefed the Italian Minister of Enterprise on the UAE's evolving SME landscape and the national entrepreneurship ecosystem launched last November. She highlighted its crucial role in improving startup success rates and cementing the UAE's position as a premier entrepreneurship hub both regionally and globally.

The UAE delegation expressed its interest in convening the seventh UAE-Italy Joint Economic Committee, which would serve as a vital platform to strengthen economic and investment ties between the two countries and foster engagement between their business communities.

Furthermore, the UAE delegation met with H.E. Daniela Santanchè, Italy’s Minister of Tourism, to explore ways to enhance tourism cooperation within their economic partnership framework. The talks focused on creating new opportunities in tourism, aviation, and travel sectors, along with developing diverse tourism and entertainment programs that encourage increased tourism exchanges.

H.E. Bin Touq stated: "Tourism exchanges between the UAE and Italy is witnessing steady growth, with 358,904 Italian visitors recorded in 2024, a 9 per cent increase from 2023. In addition, there are approximately 106 weekly flights between the two countries operated by national carriers."

Both parties emphasized the importance of joint tourism promotion initiatives to attract more visitors to their respective markets. They highlighted the value of exchanging expertise and policies that ensure tourism sector sustainability and economic growth.

Furthermore, the UAE delegation met with H.E. Marco Gatti, Minister of Finance of the Republic of San Marino, to advance economic cooperation in areas of mutual interest, such as tourism, financial services, and technology. Discussions also addressed increasing investments, enhancing collaboration on digital transformation in key sectors, and financial and tax incentives for investors in both markets.

Finally, H.E. Bin Touq’s meeting with Jankel Hackenberg, CEO of the Ellen MacArthur Foundation, reviewed policies and strategies related to the circular economy and explored ways to encourage private sector participation in developing circular business models in vital sectors such as advanced manufacturing and sustainable mobility.