Moving now to the subject of my visit, I'm happy to note the high level of our relations. The United Arab Emirates are our most important trading partner among all the Arab countries. Italian exports to the UAE increased 28% in 2011 to a total of €4,7 billion and we are likely to do even better in 2012 given the results from the first six months (€3.2 billion). Italy's imports from the UAE remain limited but they nearly doubled in 2011, so this is clearly a win-win situation that we must set to expand in other fields.

Emirati investors and consumers are familiar with the excellence of Italian companies and products, as I can see from the evidence of luxury cars and other goods as well as the restaurants serving our gourmet food. Rail transportation is being developed by Italian companies, Italian helicopters and planes criss-cross the Emirati skies, our companies are active in water desalination and your main steel plant is being built by an Italian contractor. The beautiful Mosque of Abu Dhabi is also testimony of the reputation of Italy's architects and craftsmen.

In other words you are well aware of the enormous diversity and strength of Italian companies, including our agile, highly innovative and professional small and medium enterprises that are the country's economic backbone.

I am convinced that despite the already very significant results, the potential of our cooperation is not fully exploited yet. The affinity between the Italian and the Arab culture is very strong, and Emirati investors are welcome to Italy to make this partnership even stronger and bigger.

I see room for an increase of investments to which you are very much welcome.

With their innovative know-how, high export growth and established international reputation, Italian SMEs are natural partners for UAE investors.

I strongly believe UAE foreign investment strategies would gain from becoming more diversified and less dependent on traditional destinations.