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Dubai, HK ink deal to bolster exports
(Staff Report) / 9 December 2012
Dubai Exports and the Hong Kong Trade Development Council, or HKTDC, have signed a memorandum of understanding, aimed at promoting trade between Dubai and Hong Kong.
The two sides have agreed to intensify their efforts to organise more activities to promote bilateral trade and enable businesses to leverage the strengths of Dubai and Hong Kong as regional gateways.
“Dubai is centrally located between the East and the West. So we see a strong synergy in working with Hong Kong in our role as a regional trade hub. Businesses aiming for the Far East markets through Dubai can take advantage of Dubai’s infrastructure and competitiveness to establish their operations and reach half the world’s population,” said Eng Saad Al Awadi, chief executive officer of Dubai Exports.
“It is natural for Dubai and Hong Kong, two strategic trade gateways, to work in closer cooperation. The UAE is Hong Kong’s largest export market in the Middle East and Dubai is known as the UAE’s trading hub. Our joint efforts will further expand trade potential and create more opportunities for both regions,” said Benjamin Chau, deputy executive director of the HKTDC.
Total trade between the UAE and Hong Kong during the first nine months of 2012 rose by 33 per cent year-on-year to Dh25.7 billion ($7billion). The UAE’s total exports to Hong Kong during the period jumped 48 per cent to Dh12.8 billion. Pearls, precious and semi-precious stones (28 per cent), telecommunications equipment and parts (27 per cent), engines and motors, non-electric and parts (15 per cent), and jewellery (15 per cent) were the major exports, making up 85 per cent of the total. UAE imports from Hong Kong were valued at Dh11.7 billion over the same period, representing a year-on-year increase of 20 per cent. Among them, pearls, precious and semi-precious stones, telecommunications equipment and parts, computers and jewellery were the major imported items, together accounting for Dh7.34 billion.
“Thousands of UAE companies already see our trade fairs as their business platform every year. With stronger cooperation between the EDC [Export Development Corporation] and the HKTDC, I am sure the relationship will grow and more companies will capitalise on market opportunities in our respective regions and beyond,” Chau added.
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