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Apart from oil and gas, the jewellery industry has been a major driver of trade
In Adipec, the Italian official pavilion hosted 28 companies. – Photos provided
Italian exports to the UAE surged by 22.6 percent in the first six months of this year, with bilateral trade expected to reach 8 billion euros in 2023, a senior official said in Abu Dhabi.
“In addition to our registration of 65 million euros in oil and gas in the first six months of 2022, this reflects the trend in total trade. In the first half of 2022, Italian exports to the UAE increased by 22.6%,” said Amedeo Scarpa, Italian Trade Commissioner to the UAE Said in an interview with Khaleej Times.
Scarpa noted that Italy is one of the most important parts suppliers for the oil and gas industry. The UAE’s demand for Italian oil and gas technology continues to grow, with imports worth nearly 143 million euros in 2021.
“Over the past few years, the total trade volume from Italy, exports from Italy to the UAE has continued to increase. We are the third largest global supplier to this market and the No. 1 supplier among 27 EU countries, ” he said on the sidelines of the Abu Dhabi International Petroleum Exhibition (Adipec) 2022.
Scarpa stressed that bilateral trade continues to be strong during the pandemic. “Due to the resilience of ‘Made in Italy’, even during the pandemic, especially in 2021, total trade with the UAE and total exports from Italy increased by 5% compared to 2020, but compared to 2019.”
Amedeo Scarpa, Italian Trade Commissioner to the UAE. – Photos provided
Besides oil and gas, the jewelry industry has been a major driver of trade, Scarpa noted. “We import gold on the one hand, we import gemstones, but on the other hand, we re-export jewellery with added value. We do have equipment including oil and gas equipment after nearly 1 billion euros worth of jewellery.”
At Adipec, the Italian official pavilion organized by the Italian Trade Agency and supported by the Italian Ministry of Foreign Affairs and International Cooperation hosted 28 companies.
Scarpa said Italy’s trade relationship with the UAE in the oil and gas industry is one of the longest ever. “In the coming decades, new drivers and new policies will promote bilateral win-win cooperation. In particular, the Italian National Restoration and Restoration Plan allocates some 3.6 billion euros to promote the development of the electricity supply chain.”
Scarpa predicts that the total bilateral trade will reach around 8 billion euros next year. “I am very confident that the total trade volume will exceed 8 billion euros and that Italy’s surplus will increase.
“But more importantly, we are moving towards a total trade value of 10 billion euros. This is one of the objectives of the UAE government’s policy, as Italy is one of the 10 countries planned by the UAE. “The 10 by 10 plan. This sets a target of at least 10 billion euros or a 10% increase in real trade volume. We’re achieving a truly win-win plan, a win-win plan. “
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