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UAE-China trade soars to $14.2b
DUBAI — Two-way trade between the UAE and China surged 31.5 per cent to $14.2 billion in 2006 to position the Emirates as the largest trading partner of China in the GCC, according to Zhuang Ruijin, Economic & Commercial Counsellor of Chinese Embassy in UAE.
Quoting statistics released by the General Administration of Customs of China, Zhuang said bilateral trade between the two countries was poised to grow steadily over the years.
"In line with the vision of His Highness Shaikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, Sino-UAE trade is targeted to reach $100 billion by 2015," he said at a recent seminar to facilitate UAE SME entrepreneurs' participation at the 101st China Import & Export Fair in Canton. "This goal is very tough, while I believe that by 2015, each entrepreneurs present today will play a key role in achieving this strategic plan. It will be realised through our joint efforts. The prospect is bright and we must take the opportunities."
Trade relations between China and the GCC have also gathered pace over the past few years with total ono-oil trade value rising to $32 billion.
He said China's economy has been on a fast growth track. In 2006, China's GDP got to $ 2.7 trillion, up 10.7 per cent over 2005; the total volume of export and import amounted to $1.76 trillion, an increase of 23.8 per cent over 2005, of which the exports stood at $969 billion and imports $791.1 billion.
Ren Xiangdong, who was heading a delegation from China Foreign Trade Centre, said Canton Fair has been playing a key role in spurring the growth of Sino-UAE trade.
In 2006, Canton fair attracted more than 5500 businessmen from the Emirates and the business conducted by the UAE side was valued at $1.16 billion, contributing more than eight per cent of total Sino-UAE trade.
He said the fair would attract more than 200,000 visitors in April; 150,000 different goods and services will be displayed by 14,000 Chinese companies and manufactures.
Renee Wang, general manager of Dragon Century Tourism, believes that the Canton Fair is the most significant platform for regional business people to meet and engage with Chinese business interests.
"With the growing significance of trade with China over the past few years, we have seen an impressive upturn in the number of regional business people, especially from the UAE, visiting the Canton Fair. Dragon Century Tourism has set up its services to target such business travellers providing them with all the services they require to make their trip more effective."
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