Local Business

UAE to bolster economic ties with China

Filed on May 31, 2014

Opportunities for strengthening economic ties between the UAE and China were the focus of talks during a two-day visit to the Asian country by Dr Sultan bin Ahmed Sultan Al Jaber, UAE Minister of State.

The visit is expected to lay the ground work for increased economic activity between the UAE and China, which is growing at more than 14 per cent annually. Discussions explored opportunities for collaboration and investment across sectors of mutual interest, including energy, infrastructure and technology.

During the visit, Dr Al Jaber met with senior Chinese government officials, including Vice-Foreign Minister Zhang Yesui. Talks were also held with Hu Zucai, vice-chairman of the National Development and Reform Commission, as well as the chief economic officer of China’s State Administration of Foreign Exchange.

Dr Al Jaber also met with Zheng Zhijie, vice-chairman of China Development Bank, or CBD, and China Development Bank Capital chief executive officer Fan Haibin.

“China and the UAE have a strong and growing bilateral relationship based on shared values and common political and economic interests. We are exploring opportunities to collaborate across various sectors of mutual interest including, new and traditional energy, infrastructure, manufacturing, technology and finance,” Dr Al Jaber said.

Trade between the UAE and China topped Dh169.67 billion ($46.23 billion) in 2013, compared to Dh148.27 billion ($40.4 billion) in 2012. With 4,200 Chinese companies registered in UAE, the Emirates is the largest Middle East market for Chinese products.

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