UAE and Italy will work closely to enhance ties

Dubai: Italy and the UAE have agreed to work more closely in areas including trade, tourism, financial services and intellectual property rights.

His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of UAE and Ruler of Dubai, yesterday witnessed the signing of the final statement of the fourth session of the UAE-Italian Joint Economic Committee, which was held in the Italian city of Verona.

A memorandum of understanding between the two countries for cooperation in small and medium enterprises was also signed by UAE Minister of Economy Sultan Bin Saeed Al Mansouri and Italy’s Minister of Economic Development Paulo Romanian.

Shaikh Mohammad said the signing of the statement comes within the framework of the keenness of the UAE’s leadership and government to establish economic alliances and strategic partnerships with various friendly countries, especially the major world economies.

He also asserted that the UAE was able, thanks to its openness and approach in strengthening the national economy, to enhance its economic status internationally and to enjoy the confidence of the business and finance community worldwide and to earn the trust of investors in various economic sectors.

Upon arrival at the session, Shaikh Mohammad was welcomed by Al Mansouri and Romanian along with other members of the delegations.

Practical steps

The joint statement contains a set of practical steps that promote the desired cooperation, especially in the sectors of trade and investment, tourism, industry, agriculture and financial services as well as in small and medium enterprises. It also calls for cooperation in protecting intellectual property rights.

The statement stressed the need to exchange information on legislative systems and investment climates on both sides, and emphasised the importance of activating the private sector’s role and participation in building bridges of strong mutual investment.

The parties also agreed to exchange visits to industrial free zones and to cooperate in the development of specialised zones to attract foreign investment.

Lastly, the statement calls for stronger bilateral cooperation in alternative energy and sustainable development. To ensure the implementation of the statement the countries agreed to exchange semi-annual reports to assess the progress in this regard.