Dubai: The trade between UAE and Italy hit a new record in 2015 by reaching 7 billion euros (Dh29 billion) up from nearly 6 billion euros in 2014 official figures show.
The UAE ranks 15th globally for Italian exports, receiving 1.5 per cent of Italy’s total sales abroad, according to the Italian embassy in Abu-Dhabi. It receives more goods than even Saudi Arabia, Japan, and Hong Kong.
“The UAE is by far the most important market for Italian exports in the Middle East and North Africa region [Mena],” the embassy said.
Explaining the increase in the bilateral trade last year, Maurizio La Noce, Chairman of Italian Business Council in Abu Dhabi, told Gulf News in a statement that the increase came despite the “persisting challenging macroeconomic conditions,” including the devaluation of the euro.
“We believe that the same was generated by a combination of factors, major being the consistency in the quality and know-how delivered, which are recognised and supported both globally and locally through the numerous business opportunities promoted by the Italian Embassy and the IBC; the nature of the brand “ITALY” and the numerous Italian products imported in the UAE; and (of course) the depreciation of Euro as well,” said La Nose.
“We are optimistic to see these numbers growing furthermore in the coming months,” he added.
The main Italian exports to UAE are jewellery and machineries.
With 11,376 people, the Italian community in UAE is considered the biggest in the Gulf region and Asia.
