UAE-China trade to touch $10billion

DUBAI - The total value of bilateral trade between UAE and China is expected to reach $8 billion by the end of this year, according to the official estimates.

By A Staff Reporter

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Published: Thu 9 Dec 2004, 12:40 PM

Last updated: Thu 2 Apr 2015, 11:46 AM

The figure is expected to swell to $10 billion by the end of the next year. In the first 10 months this year, trade value stood at $6.4 billion, which exceeded the total volume of the whole last year. It is expected that this figure will top $8.5 billion by the end of this year.

These figures were announced at the UAE-China Forum on Enhancing Trade and Investment Cooperation held yesterday at the auditorium of Dubai Chamber of Commerce & Industry (DCCI).

A high-level trade delegation from China headed by Deputy Minister of Commerce consisting of 120 members of officials and businessmen participated in the event specialising in IT, telecommunication, pharmaceutical, civil engineering and construction, petrochemical industry, logistics, manufacturing and trade.

The Forum aimed at highlighting the facilities and investment opportunities between UAE and China. In addition, to provide the opportunity for the participants to explore the investment and trade opportunities that exist in the commercial, industrial and services sectors in both countries.

On behalf of Dr. Mohammed Khalfan Bin Kharbash, State-Minister of Finance & Industry, Mr. Khaled Al Bustany, the Assistant Undersecretary of the Minister of Finance & Industry for Revenue and Budget delivered a speech. “UAE has paid attention to the issue of investment; so the legal environment has been developed in order to attract and protect the foreign investment,” he said.

“Since the establishment of diplomatic ties between China and UAE, bilateral economic and trade cooperation maintains a good momentum and new vitality is continually injected into the progress of Sino-UAE relationships,” said Wei Jianguo, Deputy Minister of People's Republic of China.

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