Italy sets sights on strong trade and investment relations with UAE

The UAE and Italy will continue to explore opportunities to boost bilateral trade and investment in key economic sectors such as construction, tourism, renewable energy, oil and gas, says a top diplomat.

Lorenzo Fanara, Ambassador of Italy to the UAE, said Italy accords high priority to establish strong trade and investment relations with the UAE.

In an interview with Khaleej Times on the sidelines of Big 5 exhibition, the new Ambassador said he will ensure a smooth and efficient visa process to promote tourism in the country.

Fanara, who took charge of his office in Abu Dhabi in October, said strong people-to-people contacts will promote tourism and strengthen bilateral ties in key economic sectors.

"Bilateral trade and investments are already very strong and these are fostered by a common understanding and a shared culture. Promoting even stronger people-to-people contacts is key to flourishing business relations," Fanara told Khaleej Times.

Before assuming his responsibilities in Abu Dhabi, Fanara was the Italian envoy to Tunisia. He also served as Italy's permanent representative to the EU in Brussels, then Moscow, London, and Rome, where he was foreign affairs deputy head of cabinet.

The new ambassador said he is committed to relaunch bilateral relations and cooperate with the UAE that has overcome several challenges during the pandemic.

Trade, investment with UAE

The Italian Ambassador said there are bright prospects to boost bilateral trade and investment between the two countries.

"I can see that bilateral trade is growing because there is a strong demand of Italian goods in the UAE," he said.

In reply to a question about possibility of signing a Eomprehensive Economic Partnership Agreement with the UAE, he said: "Italy will do whatever it takes to boost trade agreements with the UAE, since it is in our national interest, but we also have to abide by EU rules."

Scope of investment

About the potential economic sectors that can boost UAE-Italy trade and investment, he said over the last few months there have been important Italian investments in the UAE.

"Let me just recall the investments made by ENI, Saipem and Maire Tecnimont in order to contribute to the decarbonisation of the Emirati economy while increasing the energy output. At the same time, the trade data are all positive, and you can see the results everywhere if you go around the major cities of the UAE. Everywhere you look you can see shops of Italian goods," the Ambassador said.

To a question about any major deal in the pipeline, he said there is a huge scope for cooperation in the renewables, since Italy is ready to share it's advanced technology with the UAE.

"Both countries want the COP28 to be a great success. I see many opportunities of collaboration between the Italian small and medium enterprises and the UAE businesses," he said.

Construction, machinery sectors

Fanara said Italian companies have been playing an active role in the UAE's construction industry by contributing their due share in the development of the country.

— muzaffarrizvi@khaleejtimes.com