Abu Dhabi: Trade between the UAE and Italy is increasing despite a slowdown in economic activities, with the balance of trade between the two countries reaching ¤3.6 billion (Dh18.6 billion) in favour of Italy in 2010.
Christian Lungarotti, head of economic section and deputy head of mission, told the Gulf News that Italy's exports to the UAE represented 95 per cent of the trade volume, which is growing at 22-23 per cent.
"The UAE is Italy's top trading partner in the Arab world," said Lungarotti.
"The UAE market is very lucrative for our products, and it is also good for our companies for investments and joint ventures. Yet, the trade ties are far less than our potentials in both countries," said Lungarotti.
Currently there are dozens of Italian businesses operating in the free zones in manufacturing and distribution; in addition to local companies established by Italian entrepreneurs, he said.
"The UAE is a major market for Italian luxury designer wear, furniture, as well as machinery for rubber, ceramics and plastics industries, to name but a few. The main UAE export to Italy is polymers, said Lungarotti.
He said Italian companies have won $6.5 billion worth of tenders to develop gas fields in the UAE last year.
He added that last June, the fourth meeting of the UAE-Italy Joint Economic Committee was held in Italy and discussed means to strengthen economic cooperation between the UAE and Italy.
