Thursday 13 December 2018

Officials at the event

China, UAE trade to top $46.3bn this year

UAE, December 14, 2017

The bilateral trade between China, the second largest global economy, and the UAE, the second biggest Arab economy, is expected to surpass $46.3 billion achieved in 2016, officials said.

The two-way trade between the UAE and China has already crossed $35 billion in the first nine months of the 2017, officials said at a recent seminar on Cross Border Industry-Focused Investment Cooperation Seminar held at the Dubai World Trade Club, said a statement.

The two countries aim to strengthen bilateral economic relations in order to increase bilateral trade further, they said.  

Lei Jin, economic and commercial counsellor at the Consulate General of the People’s Republic of China in Dubai, said: “Chinese companies are now participating in the UAE’s development activities in a bigger way as bilateral trade has crossed $35 billion in the first nine months of the current year and is expected to surpass last year’s $46.3 billion.”

Citing the recent developments in which China’s Cosco is set to build and operate a container terminal at Khalifa Port and Hutchison Port’s new concession to operate terminals in Ras Al Khaimah and Umm Al Quwain, he said, Chinese companies have deepened their engagement with the UAE, especially in large infrastructure projects, including constructing large power plants in Dubai.

Jin said: “In the coming months and years, Chinese investors will participate in the UAE’s development in a larger way and we see the Annual Investment Meeting as a perfect gateway for them to identify opportunities.”

Bao Ning, director for conferences and fairs at the China Investment Promotions Agency (CIPA), said: “China attracted $134 billion foreign direct investment in 2016 and Chinese investment in overseas markets jumped 44 per cent to $183 billion, making China a net capital exporter in the world and we expect part of the future investment to be channelled to the UAE.”

In 2013, China launched One Belt One Road initiative, connecting 60 countries in various regions located along the Belt and Road Initiative, with a combined inward FDI stock of nearly $6 trillion and outward FDI stock above $3 trillion, according to World Investment Report published by the United Nation’s Conference on Trade and Development (UNCTAD).

More than 50 agreements have been signed between China and its partners, covering six major international economic corridors to boost economic cooperation.

Bao Ning said: “China’s One Belt, One Road initiative has already seen $60 billion investment in creating new economic corridors with 75 economic zones or industrial belts creating 209,000 jobs and $2.21 billion worth of tax revenues for these countries.”

The UAE has received $9 billion foreign direct investment (FDI) in 2016 – when the country also witnessed outward investment to the tune of $15.71 billion – making the country a net capital exporter, according to the World Investment Report 2017.

China’s One Belt One Road initiative has opened exciting avenues to escalate economic and commercial partnerships for the UAE. China’s One Belt One Road complements the UAE’s plans to expand trade and investment globally and build further on the more than 80 ports and container terminals it already owns worldwide.

The UAE has been actively participating in trade and investment events in China, including the Belt and Road Summit and the China-Arab States Expo.

Dawood Al Shezawi, chief executive officer of Annual Investment Meeting, said: “China is currently the second largest trade partner of the UAE which serves as a waypoint for around 60 per cent of Chinese exports that transit our region.”

“Our non-oil trade alone stood at $46.3 billion in 2016, during which the UAE made direct investments to China worth $39.3 million. We expect a resurgence in our commercial exchange over the next few years as China’s One Belt One Road program unfolds,” he added.

Meanwhile, Guangzhou Tianhe Central Business District Administrative Committee has confirmed its participation at the Annual Investment Meeting to deepen its engagement with the UAE – a major export market for industries located at Guangzhou.

The AIM is an international conference and exhibition promoting cross-border investment flow to achieve sustainable global economic growth – participated by government ministers, senior government officials, investment promotion agencies, government bodies, chambers of commerce and industries, business councils, business groups, private sector organisations, investors, banks and financial institutes and other stakeholders.

The AIM Exhibition 2018 will feature in its three-day event all the different industry projects and services catered for the investment growth of various participating regions. This will focus on promoting FDIs and effective ways to attract investors to various economy sectors.

Since its inception in 2011, AIM has brought together tens of thousands of exhibitors and visitors to network, promote projects and attract investment in the various participating countries.

The exhibition gives opportunities for governments and private organisations to launch and promote their projects to a vastly diverse audience. In 2017, AIM attracted more than 19,000 visitors and participation of 535 exhibitors from 141 participating countries.

This included countries such as China, Egypt, India, Morocco, Nigeria, Russia, Saudi Arabia, Ukraine, UK and US to name a few who chose AIM 2017 as the platform through which to promote the investment opportunities in their countries and regions, it stated. – TradeArabia News Service

Tags: | UAE | China | Trade | year |

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