Highlighting the positive trends in the market, Soldani underscores the opportunities for trade and cooperation between the two countries
In a conversation with Gulf Business, Valerio Soldani, the Italian Trade Commissioner to the UAE, sheds light on the burgeoning presence of Italian companies bringing their products to the Emirates.
Soldani highlights the reception of Italian brands at various trade events in the UAE and discusses the significance of the “Made in Italy” label to customers. He notes that the UAE market offers significant opportunities for expansion, with numerous planned projects underway. He highlights the robust trade exchange between the two countries, which hit EUR7bn in the first 10 months of 2023, marking a 6 percent year-on-year increase. Moreover, trade between Italy and the UAE surged by 19 percent in 2022, surpassing EUR8bn billion.
He also delves into the opportunities for businesses in both countries and addresses Italy’s adaptation to the circular economy model, emphasising its impact on future trade with the UAE.
Italy holds the position of the UAE’s second-largest supplier among the European Union (EU) nations, indicating a strong trade relationship. Soldani anticipates further expansion in their trade relations, emphasiSing growth drivers such as innovation, sustainability, advanced technology, and quality of production. These factors will continue to drive bilateral trade and cooperation between Italy and the UAE, contributing to mutual economic growth and development.
Q. Italy has a significant presence at a range of trade events in the UAW. How have Italian brands been received and what do they bring?
Over the years, there has been a growing understanding and appreciation for Italian craftsmanship across various sectors. This trend has fostered an expanding trade relationship between Italy and the UAE, aligning with the mission of the Italian Trade Agency to enhance bilateral trade, dialogue and exchange.
Italian manufacturers have earned a reputation for the exceptional quality of their products, rooted in manufacturing techniques often handed down through generations. These techniques result in the creation of cutting-edge and industry-leading products showcased at our trade shows today.
A recent highlight includes our presentation at the Italy Pavilion during the Dubai International Boat Show 2024, the region’s largest marine lifestyle event and a pivotal industry meeting point.
Here, 21 Italian manufacturers came together to showcase the latest innovations in boat, ship and yacht design. They offered a display of innovative mechanics, technology, design, furniture and components, resulting in positive responses from visitors and facilitating crucial dialogue with UAE trade partners.
This not only strengthened our presence in the market but also opened new doors to significant opportunities for collaboration and growth, building on the EUR110.2m worth of nautical products exported from Italy to the UAE from January to November 2023.
The Italian yachting industry is a major exporting industry vertical for Italy, as almost 1 in 2 superyachts worldwide are ‘Made in Italy’. The industry turnover in Italy scored its record business volume in five years as it’s been shared with a worldwide audience at Salone Nautico in Genova, another one of the industry’s major global trade shows.
Q. Why is a product that is “Made in Italy” so special to customers?
The “Made in Italy” brand embodies a commitment to quality craftsmanship, innovation and excellence. Italian products are known for their aesthetic appeal, exceptional design, and blend of tradition and modernity.
Adding to this, the “Made in Italy” label carries with it a sense of tradition and heritage, pointing to a connection to time-tested techniques and a legacy of excellence. Many customers value the idea of being part of this heritage when they purchase Italian-made products, making it a special and sought-after label across industries, which has stood the test of time and continues to prove its leadership in the global market place.
In the yachting industry, this translates in the capacity of a leading world manufacturer like Italy to address what the customers want: sustainability, extreme customization to deliver personalised products, components, and yachts, boats and naval units, and a cutting-edge level of integration with technology to keep our customers safe, comfortable, and able to live unique experiences on board. This unique blend of skills in our nautical industrial ecosystem made Italy the second world yacht producer, with globally renowned brands.
Q. What opportunities should businesses in both countries consider when trading with each other?
The UAE is an open and rapidly expanding business environment, attracting international companies and clients from around the world. This dynamic landscape provides growing opportunities for Italian companies seeking to enhance their global presence. Simultaneously, Italy, renowned for its exceptional know-how and tradesmanship, can contribute significantly to the local market.
Given the UAE’s strategic position as a gateway to the broader MENA region, Italian businesses can strategically utilise this location to access a diverse market with a heightened demand for a variety of goods and services. Our companies in the Italian Pavilion will have the opportunity to pitch their product qualities to more than 30,000 visitors coming to the show from all over the region, further confirming the importance of Dubai and the UAE as a regional hub and business platform.
Likewise, UAE businesses can consider Italy as an entry point to the European market, tapping into its extensive consumer base and well-established industries.
Both the UAE and Italy are increasingly emphasising sustainable and environmentally-friendly business practices. Companies actively involved in eco-friendly initiatives, renewable energy and green technologies can find common ground for collaboration. This not only aligns with global sustainability goals but also addresses the growing demand for environmentally conscious products and services, paving the way for a positive trajectory in UAE-Italy trade relations.
Q. EU is moving very swiftly in the circular economy model. How is Italy adapting to this – food, energy, manufacturing? What impact will this have on future trade with UAE?
In recent years, the UAE has increasingly emphasised the importance of sustainable products and manufacturing processes. The country actively seeks trade partners who share a similar commitment to sustainable and circular production practices.
Italy’s dedication to the circular economy positions its industries as both innovative and competitive. The country is known for producing high-quality, resource-efficient goods that can make a significant impact in the global marketplace, especially considering the UAE’s role as one of its key trade partners. The alignment in their approach to a greener future presents a promising opportunity for enhanced and favorable trade relations.
An example of this shared commitment was evident at the Dubai International Boat Show, where Italian companies participated under the slogan ‘Sustainability is SustainabITALY’. This highlights the collaborative effort towards modern emissions standards in production, in line with the mutual dedication of both nations to fostering environmentally responsible business practices, made possible by the uniquely short supply chain and integrated industrial clusters that are peculiar features of the Italian manufacturing ecosystem.
Q. What advice would you give to Italian companies and what would you to say to buyers here?
Considering the significant volume of trade, collaborative initiatives and our optimistic outlook for the future, the business environment is open and inviting, providing ample opportunities for companies and buyers to capitalize on.
Numerous support channels, including the Italian Trade Agency, are available to assist in identifying suitable contacts and entry points for potential discussions, fostering future and mutually beneficial trade relationships. Given the remarkable growth currently observed in the UAE, I strongly encourage Italian companies seeking business expansion to explore the promising prospects offered by the UAE.
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