China accounts for 12% of UAE’s non-oil foreign trade

Dr Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, asserted that the joint strategic bond between the UAE and the People’s Republic of China is getting stronger overtime with their relation reaching to more prosperous levels in various fields of common interest due to active support of the leaders of the both the countries.

Al Zeyoudi said China is a very important strategic partner for the UAE in Southeast Asia.

“We share the strategic visions and objectives through which a golden era of comprehensive economic relations between the two countries was established. During the next stage, we look forward to expanding and diversifying the existing economic and commercial partnerships between the two countries,” the minister said.

“We intend to stimulate the flow of mutual investments, especially in the sectors of the future economy which serve the business communities and the development agenda of both the countries and support their transformation towards a more flexible and sustainable economy,” he said.

The minister made these remarks during a meeting with Wang Guihai, chairman of the Chinese Business Council in Dubai, and several representatives of several Chinese companies, which are a part of the CBC.

The two sides discussed ways to enhance commercial activities between Chinese companies and their Emirati counterparts. They also explored different measures to foster Chinese investments in the UAE and enhance trade cooperation with the Chinese companies during the next stage to achieve prosperity and growth for the people of the two friendly countries.

Innovative cooperation

Al Zeyoudi said the comprehensive partnership between the UAE and China has been reflected through their innovative cooperation.

“China is the UAE’s first global trading partner and accounts for 12 per cent of its non-oil foreign trade. In contrast, the UAE is the second largest trading partner of China in the Arab world acquiring 20 per cent of its total trade, while the volume of Emirati investments in China amounted to about Dh2 billion. The UAE ranked first in the Arab world among the list of the 20 most important countries in which China invests, as its total investments in the country amounted to more than Dh34 billion by the end of 2020. The non-oil intra-regional trade between the two countries recorded about Dh220 billion in 2021, a growth of 27 per cent compared to 2020.”

Welcoming Chinese firms

The minister expressed the UAE’s keenness to attract Chinese companies to establish their businesses in the country, and to benefit from its strategic location as an active logistic access to the Middle East, Asia and Africa. He added that emphasis will be laid on further improving relationship with Chinese business community to achieve this common vision of the two countries, especially in the sectors of AI, clean energy, and infrastructure, as well as developing a joint strategy to attract talent in the fields of technology research and other sectors of the future economy of common interest.

Al Zeyoudi highlighted the most prominent features of the UAE’s world-leading economic experience, and the unique components and advantages offered to companies to attract them to the opportunity-rich Emirati market, in addition to the country’s technologically advanced infrastructure, the safe investment environment and the flexible legislation and laws recently introduced by the government.

“At the forefront of which is allowing 100 per cent foreign ownership of companies, and the state’s strategy to attract talent in all strategic sectors, in line with the objectives of the ‘Projects of the 50’, the determinants of the UAE Centennial 2071, and in implementation of the wise leadership’s directives regarding the transition to a sustainable knowledge economy based on innovation and creativity,” he added.

It is worth mentioning that the Chinese Business Council (CBC) is one of the most prominent foreign business councils registered with the Dubai Chamber of Commerce and Industry, which numbered more than 41 councils. The CBC was established in June 2004 and has 186 member companies investing in the UAE in several vital sectors — including energy, construction, communications, textiles, shipping, air transport, logistics and financial services, furniture, exhibitions among others.

— muzaffarrizvi@khaleejtimes.com