UAE Trade delegation concludes high-level mission to Italy and France

A UAE trade mission, headed by Sultan bin Saeed Al Mansouri, Minister of Economy, recently concluded a successful trade mission to the Italian Riviera, Monaco and southern France, visiting Monte Carlo and Nice, to facilitate economic cooperation and explore trade and investment opportunities in the two cities.

The trade mission, which was organised by Dubai Chamber of Commerce and Industry in cooperation with the UAE Ministry of Economy from July 3rd - 7th, explored economic partnerships and ways to facilitate cooperation and investment opportunities in both countries.

Following the conclusion of their visit to the Italian city of Genoa, the UAE delegates visited Monaco where they held a number of meetings and briefings with the Monaco Economic Board, Monaco Tourism Board and Monaco Inter Expo. These meetings highlighted the investment opportunities and areas of cooperation between the two sides.

Delegates also visited The Grimaldi Forum in Monaco and then participated in a 2-day conference "Innovation City 2017", held in Nice, which focused on disruptive innovation such as blockchain, smart data, smart grids, Uberisation, waste management, security, sport, and innovative transport solutions.

During the conference, Sultan Al Mansouri said that the UAE and France have enjoyed strong economic relations based on openness, cooperation and the move to achieve common interests ably guided by the mutual desire to contribute to the development of various aspects of cooperation, alongside common aspects of their respective economic visions, and policies, that are aimed at consolidating the bonds of this relationship on an ongoing basis. The strength of UAE-France ties is reflected in the signing of several agreements that have further reinforced strategic cooperation across areas of mutual interest, Al Mansouri explained.

He pointed out that the trade exchange between the two sides has taken a positive step in the past years, indicating the depth of the trade partnership enjoyed by the countries despite the challenges of the international trade movement. The total non-oil foreign trade between them in 2016 reached US$7.4 billion, which is up from $7.2 billion in 2015.

The minister added that investment flows between the two countries are also witnessing advanced levels, where the balance of French investments in the UAE up until 2015 reached $5.6 billion, with more than 600 French companies and 287 French trade agencies operating in the country today. UAE investments in France reached more than $4.2 billion by the end of 2014.

Al Mansouri went on to say that the tour carried out by the UAE trade mission to the southern French region represented an important opportunity to enhance economic cooperation between the UAE and France in various sectors of common interest, especially those associated with the strengthening of the trend towards diversified and sustainable knowledge-based economy on innovation and technology.