Memorandum of Understanding (MoU)
In the frame of the 12th edition of the World Chamber Congress, which took place from 23rd to 25th November in Dubai, Dubai Airport Free Zone Authority (DAFZA) and Torino Chamber of Commerce signed a Memorandum of Understanding (MoU). The agreement aims at attracting foreign investments in the UAE.
The MoU was signed by Yousuf Ali Behzad, Assistant Director General, People Growth & Corporate Strategy, and Dario Gallina, President of Torino Chamber of Commerce.
MENA region – Opportunity
The MoU will open the doors to the whole MENA region, facilitating commercial exchange between Italian companies and local entrepreneurs. DAFZA will support Italian SMEs willing to establish a business in the free zone through initiatives, seminars and visits. From its side the Torino Chamber of Commerce will encourage the companies under its umbrella to benefit from the program. It will provide special incentives like competitive rates for setting up businesses, assistance on import-export issues, as well as support for communicating with local counterparts.
The UAE, and particularly Dubai, are becoming one of the most important business destinations, considering the recent visa and economic initiatives as well, which will help foreigners setting up businesses in the country.
“Dubai is currently leading the stage of full recovery from the economic impact of the COVID-19 pandemic on the global business and investment sectors, having achieved exceptional results during the past stage. […] The MoU allows more than 220,000 companies under the umbrella of the Torino Chamber of Commerce to benefit from the business system provided by the Dubai Airport Freezone” said Behzad.
In 2020 Piedmont region exported goods for 211.2 million Euro, 19.2 per cent less compared to 2019 (261.3 million Euro). However, the region is registering an increase this year: 123.6 million Euro only till June 2021, compared 102.1 million Euro of June 2020.
Manufactured products represent 97.9% of the export: machineries (22,3%), food (22,1%), fashion (15%), chemicals (7,6%), transports (6,2%). It is the 5th Italian region for UAE export and accounts for 5.3 per cent of the total Italian export.
This is the second MoU signed between the Torino Chamber of Commerce and an Emirati institution. The first one was signed in 2020 with the Halal Trade and Marketing Centre (HTMC), the UAE entity specialized in the Halal international market for the F&B, cosmetic, fashion and design industries.
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