The Joint Italian Arab Chamber of Commerce (JIACC) and Etihad Credit Insurance Company (ECI) have signed today in Dubai a Memorandum of Understanding (MoU) to develop business relationships and to foster economic cooperation between Italy and the United Arab Emirates.
The MoU has been signed within the framework of the Business Mission to the UAE led by the Italian Minister of Economic Development, H.E. Luigi Di Maio, which follows the visit to Italy of the UAE Minister of Economy, H.E. Sultan Al Mansoori, on the occasion of the Second Italian Arab Business Forum last October 2018.
Areas of Cooperation
The agreement signed between Etihad Credit Insurance and JIACC aims to foster the collaboration and communication in different fields. In particular, the MoU constitutes the basis to:
- Promote the United Arab Emirates as a regional hub in the Republic of Italy, also by exploring possible mutual cooperation to boost Arab investment in Italian companies interested in: doing business with Arab companies; investing in Arab countries; producing goods for the local and regional market,
- Enhance trade and support business relations between the Republic of Italy and United Arab Emirates, in cooperation with Italian industrial association,
- Ease trade and export by organizing joint workshops, forums, B2B meetings and events among exporting corporations, located in Italy and in the Arab world,
- Enhance trade between UAE and Italy with focus on Halal industry, through Sharia’ compliant insurance and finance solutions,
- Appoint an ECI executive to the Board of Directors of the Joint Italian Arab Chamber of Commerce, in an effort to sustain and support the Chamber’s activity,
- Involve ECI representatives in relevant B2B events, missions and activities planned to respective members,
- Engage ECI expert’s participation in JIACC’s Tax Commission seminars organized by JIACC to address the subject of VAT in the UAE.
JIACC and ECI also agreed to form a collaborative Joint Work Group to explore further collaboration opportunities in the trade, technical and economic fields. The Joint Work Group will be composed of members, knowledgeable about trade credit and investment industry, mutually appointed by JIACC and ECI. The work group will meet on a regular basis and provide updates on related topics.
According to Mr. Cesare Trevisani, Chairman of the Joint Italian Arab Chamber of Commerce: “We are really proud to announce the signing of such an important agreement, that confirms the excellent relations existing between Italy and the United Arab Emirates. The Memorandum of Understanding with Etihad Credit Insurance Company represents a fundamental step to ensure a significant and positive development of the trade and economic cooperation between our Countries. The private sector will play a central role in the transformation process that is impacting Italian and Arab economies, and the collaboration between JIACC and ECI will give investors and entrepreneurs from both parts the chance to explore outstanding business opportunities.”