Latest news with #internationalisation
Khaleej Times
3 days ago
- Business
- Khaleej Times
Leo Cisotta on bridging Italian innovation and UAE opportunity
As Italiacamp EMEA celebrates the second anniversary of the Dubai Hub for Made in Italy in 2025, General Manager Leo Cisotta reflects on what has been more than just a growth journey — it has been the shaping of a bridge between two innovation-driven economies. Founded in 2023 within the Dubai World Trade Centre, the Hub was established with a clear objective: to accelerate the internationalisation of Italian small and medium enterprises (SMEs) in the UAE and wider region. Cisotta emphasised that the model is designed not simply to facilitate internationalisation but to ensure long-term, sustainable integration into one of the world's most competitive and fast-evolving markets. One of the most visible outcomes of this international shift is the Made in Italy Week in the UAE. Held in April 2025 in partnership with the Embassy of Italy in Abu Dhabi, the Consulate General of Italy in Dubai, and the Italian Cultural Institute, the multi-day initiative spanned Abu Dhabi, Dubai, and Sharjah. It was more than a showcase of Italian excellence — it was a reflection of a nation in motion. Each day's programming celebrated Made in Italy not only in manufacturing, fashion, and food, but also as a manifestation of research, art, creativity, entrepreneurship, and craftsmanship. Cisotta stresses that partnerships have played a defining role in the Hub's evolution. He cites new collaborations with Mohammed Bin Rashid Establishment for SME Development (Dubai SME) and the Sharjah Research, Technology and Innovation Park (SRTIP) as examples of how Italiacamp is embedding itself in the UAE's innovation ecosystem. These alliances aim to foster entrepreneurship, facilitate SME growth. 'These are not just institutional alliances but strategic collaborations aligned with the national priorities of the UAE,' he explains. He also points to the importance of focusing on key sectors where Italian excellence is globally recognised — such as technological advancements, artificial intelligence, industrial innovation, fashion, luxury, and sustainability. By enabling Italian companies to bring their identity and know-how into dialogue with the UAE's development goals, the Hub is creating a new framework for cooperation — one where tradition and innovation reinforce each other. Looking ahead, Cisotta remains focused on creating impact beyond the commercial. 'What we're building in the UAE is a strategic platform that leverages Italian excellence and Emirati vision to create long-term, regional value.' For Italiacamp, the UAE represents more than a market. It's a strategic crossroads where economic diplomacy, cultural identity, and innovation intersect. And through the Dubai Hub for Made in Italy, that intersection is becoming a permanent path forward. As the Hub looks ahead to new initiatives and expansion across the Gulf, Cisotta remains focused on anchoring the Made in Italy as a forward-looking driver of regional value. 'Italy's identity lies in innovation, and innovation itself is inherently Italian,' he notes. 'It's a mix of history, creativity, and the new things our country is capable of imagining, creating, and producing every day.' This philosophy—of blending culture, business, and education into a living, adaptive model—is at the heart of Italiacamp's presence in the UAE. According to Cisotta: 'The future of Made in Italy lies in our ability to merge deep-rooted heritage with forward-thinking innovation. Italy's strength is not only in its craftsmanship and cultural legacy, but in its capacity to lead in emerging fields — from digital transformation to advanced manufacturing. By aligning this evolving identity with the UAE's vision, we are shaping a model of collaboration that is resilient and future-ready.'
Zawya
7 days ago
- Business
- Zawya
India's central bank seeks approval for overseas rupee lending to neighbours, sources say
NEW DELHI - India's central bank is taking another step to internationalise the rupee, seeking approval to allow domestic banks to lend the currency to overseas borrowers for the first time, two sources said. The Reserve Bank of India (RBI) has asked the federal government to allow domestic banks and their foreign branches to lend Indian rupees to overseas borrowers to enhance the use and acceptability of the local currency in trade. The proposal, which was sent to the finance ministry last month, suggests lending in rupees to non-residents can begin in neighbouring countries such as Bangladesh, Bhutan, Nepal and Sri Lanka, the sources said. If successful, such rupee-denominated lending could be extended to cross-border transactions globally, one of the sources said. According to Ministry of Commerce data, 90% of India's exports to South Asia were to these four nations in 2024/25, amounting to nearly $25 billion. Currently, foreign branches of Indian banks are restricted to providing loans in foreign currencies and such loans are extended mainly to Indian firms. The sources declined to be identified as the discussions are confidential. Emails sent to the Finance Ministry and the RBI requesting comment did not receive a response. The central bank has been taking steps to increase the use of the local currency in global trade and investment. As part of the strategy, RBI recently permitted the opening of rupee accounts for non-residents outside India. Earlier this month, Reuters reported the RBI has sought government's approval to remove the cap on foreign banks with so-called vostro accounts buying short-term sovereign debt, to boost rupee-denominated investment and trade. The RBI will open the foreign loans in rupees only for the purpose of trade, the sources said. Currently, rupee liquidity is provided in other countries only through a limited number of government-backed credit lines or bilateral currency swap arrangements. "The objective is to reduce dependence on such arrangements and instead allow commercial banks to provide rupee liquidity on market terms," the first source said, citing a communication from the central bank in April. The second source said enabling easier access to rupee-denominated loans will help facilitate trade settlements in rupees and reduce exposure to foreign exchange volatility. The government has received several requests from financial institutions to support strategic projects through rupee-denominated financing, the second source said. India's experience with local currency pacts with the United Arab Emirates, Indonesia, and the Maldives, as well as Special Rupee Vostro Accounts used for trade with Sri Lanka and Bangladesh, has underscored the need to deepen the availability of rupee liquidity, the source said. If implemented, the policy would mark a major step toward integrating the rupee into the global financial system, positioning it as a more widely accepted currency for international trade and investment, the second source added.
Yahoo
26-05-2025
- Business
- Yahoo
India's central bank seeks approval for overseas rupee lending to neighbours, sources say
By Shubham Batra NEW DELHI (Reuters) -India's central bank is taking another step to internationalise the rupee, seeking approval to allow domestic banks to lend the currency to overseas borrowers for the first time, two sources said. The Reserve Bank of India (RBI) has asked the federal government to allow domestic banks and their foreign branches to lend Indian rupees to overseas borrowers to enhance the use and acceptability of the local currency in trade. The proposal, which was sent to the finance ministry last month, suggests lending in rupees to non-residents can begin in neighbouring countries such as Bangladesh, Bhutan, Nepal and Sri Lanka, the sources said. If successful, such rupee-denominated lending could be extended to cross-border transactions globally, one of the sources said. According to Ministry of Commerce data, 90% of India's exports to South Asia were to these four nations in 2024/25, amounting to nearly $25 billion. Currently, foreign branches of Indian banks are restricted to providing loans in foreign currencies and such loans are extended mainly to Indian firms. The sources declined to be identified as the discussions are confidential. Emails sent to the Finance Ministry and the RBI requesting comment did not receive a response. The central bank has been taking steps to increase the use of the local currency in global trade and investment. As part of the strategy, RBI recently permitted the opening of rupee accounts for non-residents outside India. Earlier this month, Reuters reported the RBI has sought government's approval to remove the cap on foreign banks with so-called vostro accounts buying short-term sovereign debt, to boost rupee-denominated investment and trade. The RBI will open the foreign loans in rupees only for the purpose of trade, the sources said. Currently, rupee liquidity is provided in other countries only through a limited number of government-backed credit lines or bilateral currency swap arrangements. "The objective is to reduce dependence on such arrangements and instead allow commercial banks to provide rupee liquidity on market terms," the first source said, citing a communication from the central bank in April. The second source said enabling easier access to rupee-denominated loans will help facilitate trade settlements in rupees and reduce exposure to foreign exchange volatility. The government has received several requests from financial institutions to support strategic projects through rupee-denominated financing, the second source said. India's experience with local currency pacts with the United Arab Emirates, Indonesia, and the Maldives, as well as Special Rupee Vostro Accounts used for trade with Sri Lanka and Bangladesh, has underscored the need to deepen the availability of rupee liquidity, the source said. If implemented, the policy would mark a major step toward integrating the rupee into the global financial system, positioning it as a more widely accepted currency for international trade and investment, the second source added.
Reuters
26-05-2025
- Business
- Reuters
India's central bank seeks approval for overseas rupee lending to neighbours, sources say
NEW DELHI, May 26 (Reuters) - India's central bank is taking another step to internationalise the rupee, seeking approval to allow domestic banks to lend the currency to overseas borrowers for the first time, two sources said. The Reserve Bank of India (RBI) has asked the federal government to allow domestic banks and their foreign branches to lend Indian rupees to overseas borrowers to enhance the use and acceptability of the local currency in trade. The proposal, which was sent to the finance ministry last month, suggests lending in rupees to non-residents can begin in neighbouring countries such as Bangladesh, Bhutan, Nepal and Sri Lanka, the sources said. If successful, such rupee-denominated lending could be extended to cross-border transactions globally, one of the sources said. According to Ministry of Commerce data, 90% of India's exports to South Asia were to these four nations in 2024/25, amounting to nearly $25 billion. Currently, foreign branches of Indian banks are restricted to providing loans in foreign currencies and such loans are extended mainly to Indian firms. The sources declined to be identified as the discussions are confidential. Emails sent to the Finance Ministry and the RBI requesting comment did not receive a response. The central bank has been taking steps to increase the use of the local currency in global trade and investment. As part of the strategy, RBI recently permitted the opening of rupee accounts for non-residents outside India. Earlier this month, Reuters reported the RBI has sought government's approval to remove the cap on foreign banks with so-called vostro accounts buying short-term sovereign debt, to boost rupee-denominated investment and trade. The RBI will open the foreign loans in rupees only for the purpose of trade, the sources said. Currently, rupee liquidity is provided in other countries only through a limited number of government-backed credit lines or bilateral currency swap arrangements. "The objective is to reduce dependence on such arrangements and instead allow commercial banks to provide rupee liquidity on market terms," the first source said, citing a communication from the central bank in April. The second source said enabling easier access to rupee-denominated loans will help facilitate trade settlements in rupees and reduce exposure to foreign exchange volatility. The government has received several requests from financial institutions to support strategic projects through rupee-denominated financing, the second source said. India's experience with local currency pacts with the United Arab Emirates, Indonesia, and the Maldives, as well as Special Rupee Vostro Accounts used for trade with Sri Lanka and Bangladesh, has underscored the need to deepen the availability of rupee liquidity, the source said. If implemented, the policy would mark a major step toward integrating the rupee into the global financial system, positioning it as a more widely accepted currency for international trade and investment, the second source added.
Yahoo
26-05-2025
- Business
- Yahoo
India's central bank seeks approval for overseas rupee lending to neighbours, sources say
By Shubham Batra NEW DELHI (Reuters) -India's central bank is taking another step to internationalise the rupee, seeking approval to allow domestic banks to lend the currency to overseas borrowers for the first time, two sources said. The Reserve Bank of India (RBI) has asked the federal government to allow domestic banks and their foreign branches to lend Indian rupees to overseas borrowers to enhance the use and acceptability of the local currency in trade. The proposal, which was sent to the finance ministry last month, suggests lending in rupees to non-residents can begin in neighbouring countries such as Bangladesh, Bhutan, Nepal and Sri Lanka, the sources said. If successful, such rupee-denominated lending could be extended to cross-border transactions globally, one of the sources said. According to Ministry of Commerce data, 90% of India's exports to South Asia were to these four nations in 2024/25, amounting to nearly $25 billion. Currently, foreign branches of Indian banks are restricted to providing loans in foreign currencies and such loans are extended mainly to Indian firms. The sources declined to be identified as the discussions are confidential. Emails sent to the Finance Ministry and the RBI requesting comment did not receive a response. The central bank has been taking steps to increase the use of the local currency in global trade and investment. As part of the strategy, RBI recently permitted the opening of rupee accounts for non-residents outside India. Earlier this month, Reuters reported the RBI has sought government's approval to remove the cap on foreign banks with so-called vostro accounts buying short-term sovereign debt, to boost rupee-denominated investment and trade. The RBI will open the foreign loans in rupees only for the purpose of trade, the sources said. Currently, rupee liquidity is provided in other countries only through a limited number of government-backed credit lines or bilateral currency swap arrangements. "The objective is to reduce dependence on such arrangements and instead allow commercial banks to provide rupee liquidity on market terms," the first source said, citing a communication from the central bank in April. The second source said enabling easier access to rupee-denominated loans will help facilitate trade settlements in rupees and reduce exposure to foreign exchange volatility. The government has received several requests from financial institutions to support strategic projects through rupee-denominated financing, the second source said. India's experience with local currency pacts with the United Arab Emirates, Indonesia, and the Maldives, as well as Special Rupee Vostro Accounts used for trade with Sri Lanka and Bangladesh, has underscored the need to deepen the availability of rupee liquidity, the source said. If implemented, the policy would mark a major step toward integrating the rupee into the global financial system, positioning it as a more widely accepted currency for international trade and investment, the second source added. Sign in to access your portfolio
