News & Media

Economy ┬╗Looking at strategic partnerships with China

2018-10-27

Abdullah bin Ahmed Al Saleh, Undersecretary of the Ministry of Economy for Foreign Trade Affairs, said that the trade and investment relations between the UAE and the People’s Republic of China are witnessing great growth and rapid progress in light of the comprehensive strategic partnership between the two countries, pointing out that there are many indicators that reflect the strength of this partnership.

China is the largest trade partner of the UAE in 2017, with a total trade turnover of US $ 53.3 billion, a growth of 15% over 2016. The UAE accounted for 30% of China’s total exports to Arab countries and 22%

This came during his meeting at two separate meetings at the Ministry of Economy in Dubai, attended by Hind Al-Houha, Director of Investment Department, Bader Al-Mashrekh, Director of the Department of Trade Organizations and Policies of the Ministry, and two large trade delegations from the People’s Republic of China.

Where he discussed with them the incentives and advantages of the economic and trade environment in the UAE and highlighted the priority sectors and promising opportunities, while discussing ways to expand opportunities for cooperation and existing partnerships and the establishment of investment projects of benefit to both sides.

Positive climate

Al Saleh received a delegation from the ACFIC, led by Lee Chaucian, Vice President of the Federation. The organization includes hundreds of leading companies from all over China including manufacturing, automotive, pharmaceutical, iron and steel, mining, electrical and electronic equipment, foreign trade, environment, etc. .

Al Saleh stressed that strengthening the economic partnership with China and strengthening trade and investment ties between the two countries at the level of the private sector is one of the priorities of the UAE government.

He pointed out the importance of taking advantage of this positive climate to expand trade cooperation and establish sustainable investment partnerships and projects in vital sectors, especially industry, manufacturing, innovation, technology and infrastructure, indicating promising opportunities in areas such as petrochemicals, aluminum and others.

Abdullah Al Saleh expressed the keenness of the Ministry of Economy and the concerned authorities in the State to facilitate the task of Chinese companies wishing to invest in the UAE and provide the knowledge environment, business culture and guidance necessary to establish projects on sound bases. He called on various Chinese companies to know what the UAE markets provide promising opportunities and gate For various markets in the region.

Li Zhaoxian, President of the Federation of Industry and Commerce of China, praised the development of the UAE and its modern management systems and impressive infrastructure. He also highlighted the importance of this visit and briefed Chinese companies on the business environment in the UAE and explore opportunities for cooperation in vital sectors such as industry and tourism. Technology and innovation, giving an important opportunity for Chinese manufacturers to expand their partnerships with the UAE side.

During a second meeting, the Undersecretary of the Ministry of Economy for Foreign Trade discussed opportunities for partnership and trade cooperation with a delegation from the China Chamber of International Trade of the Chinese Council for the Promotion of International Trade CCPIT, headed by Yu Jianlong, Secretary General of the Chamber.

Investment incentives

The two sides discussed the importance of introducing the Chinese business community to the elements and incentives of the investment climate in the UAE, the most promising sectors, supporting legislations, business practices and the most important opportunities for cooperation. The Chinese delegation praised the open and active trade environment owned by the UAE.

Stressing the desire of companies belonging to China Chamber of International Trade to expand the scope of trade and investment cooperation with the UAE in economic sectors of common interest.

The delegation includes various economic specialties including railways, civil construction, metallurgy, chemical engineering, engineering machinery industry, minerals and natural resources sector, electronic equipment industry, information technology, transportation, health care and others.27

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