ADCCI discusses ways to enhance economic cooperation prospects between Abu Dhabi and Italy

The Abu Dhabi Chamber of Commerce and Industry (ADCCI) held a meeting with a high-level official Italian delegation to discuss opportunities to develop economic cooperation relations and enhance joint investment and trade exchange between the private sectors in the Emirate of Abu Dhabi and Italy. Discussions focused on ways to support the interests of the business community and companies from various vital sectors in both sides.

Fouad Darwish, Board Member at Abu Dhabi Chamber, His Excellency Ahmed Khalifa Al Qubaisi, CEO of Abu Dhabi Chamber, and Her Excellency Asma Al Fahim, Chairman of Abu Dhabi Businesswomen Council, along with more than 100 individuals representing various private sector companies in Abu Dhabi attended the meeting. This meeting took place during an expanded work meeting hosted by the Abu Dhabi Chamber at its headquarters under the title “Pioneering New frontiers between Abu Dhabi and Italy”.

Antonio Rotondo, the President of the Italian-Czech Chamber of Commerce in Milan, headed a delegation from Italy comprising 30 business leaders representing 12 companies spanning crucial economic sectors. These sectors include food, construction, fashion, marketing, marine, and aquaculture industries.

His Excellency Ahmed Khalifa Al Qubaisi, CEO of the Abu Dhabi Chamber, said: “The Abu Dhabi Chamber looks forward to pushing trade and investment relations between Abu Dhabi and Italy to new heights within the framework of the Emirati and Italian leadership’s keenness to take bilateral relations between the two friendly countries to the level of strategic partnership especially in the economic field.

“We aim to expand and deepen the prospects of commercial cooperation and direct investment. Also, we aim to build effective partnerships between the business communities in Abu Dhabi and Italy to benefit from the available promising opportunities, especially in the fields of industry, advanced technology, food security, sustainable development, and other pivotal sectors. In turn, this  would contribute to providing more investment and commercial opportunities for the local private sector and would help Emirati companies to develop the scope of their businesses and strengthen their presence in the Italian, European, and global markets,” His Excellency added.

His Excellency Al Qubaisi stressed the Abu Dhabi Chamber’s commitment to providing all the necessary facilitations and special incentives to Italian businessmen wishing to invest in Abu Dhabi. “The Chamber’s support will help them develop and grow their businesses and expand in the UAE and the region. This falls in line with Abu Dhabi’s development goals and its vision based on economic diversification, in addition to aligning with the Chamber’s strategy and its pivotal role in promoting investment and trade relations, attracting foreign direct investments, and providing a modern, competitive, and attractive business environment for investments in Abu Dhabi,” he added.

The volume of non-oil trade between the UAE and Italy has reached about AED 39.7 billion (USD 10.8 billion) in 2022. Gold and precious stones are the top UAE exports to Italy, while jewelry is the top Italian merchandise export to the UAE, at a value of more than one billion Euros, followed by other products such as electrical appliances, clothing, furniture, and food.

The Chamber’s new strategy was presented along with the services it provides to the business community in the Emirate of Abu Dhabi.

Moreover, the Abu Dhabi Investment Office, a subsidiary of the Department of Economic Development - Abu Dhabi delivered a presentation during the meeting, highlighting the ongoing development that Abu Dhabi is witnessing as a regional destination for investments, for setting up businesses, and for expanding in the region. Additionally, the Abu Dhabi Residents Office highlighted incentives and amenities offered by the emirate to promote living and working in Abu Dhabi, highlighting features that cater to businessmen of diverse nationalities. Meanwhile, the Italian delegation delivered a presentation, showcasing the benefits of investing in Italy and exploring opportunities for collaboration and trade exchange between the two parties.

Business Opportunities:

During the meeting, bilateral business meetings took place on the sidelines, offering a platform for private sector companies affiliated with Abu Dhabi Chamber to engage directly with Italian companies. This aimed to foster meaningful connections, further enhancing the Abu Dhabi Chamber's role in coordinating impactful business meetings and events that contribute to the economic growth of Abu Dhabi. Over 120 potential partnership opportunities were identified between participating members of the Abu Dhabi Chamber and the Italian delegation.