A senior Chinese official yesterday (September 16) invited Arab companies to partner with local firms in the production of Islamic products in the Yinchuan Comprehensive Bonded Zone in the country.

"Let us join your petro dollars with our trade dollars," Shi Haohua, a senior official at the Bonded Zone told a gathering of Arab businessmen during the China-Arab States Expo in Yinchuan in China's Ningxia province, according to a report in the Gulf Daily News, our sister publication.

He said China is keen on more Arab investments.

"The goal is to capture a significant part of the global market for Arab robes, women's garments including head scarfs, prayer mats and white caps, gold, diamond and agate jewellery with Islamic designs, besides Halal food."

Haohua said Yinchuan had the only certified centre for Halal food in China. "The Ningxia province offers attractive investment opportunities in the field of aviation products and services, cashmere and woollen textiles and Islamic financing," he added.

The four-day expo, which began on Saturday, features a separate section for local manufacturers who are showcasing a wide variety of Arab garments and Halal food. Ningxia officials are also keen on expanding the local production of cashmere and woollen textiles.

The provincial government is approaching 23 different Arab and Muslim countries to collaborate in plans for establishing a China-Arab Electronic Platform for trade settlements, a logistic and financial hub connecting Ningxia with the Arab world. It is also building an industrial park with all necessary amenities specifically for Arab investors, Haohua said.

The local government has encouraged meat processing plants using Halal principles.

Ningxia has two million Muslims, who make up 35 per cent of the population of the province and 10 per cent of China's 20 million Muslims, according to official figures.

The province has also 46 cashmere and woollen knitting and weaving plants using sophisticated machinery from Germany.

Deal to monitor banks signed

Bahrain and China also inked a memorandum of understanding in the area of monitoring banking institutions.

The memorandum, under the patronage of His Majesty King Hamad and Chinese President Xi Jinping, agrees on monitoring transactions of any branches or units related to banks in both countries.

The deal was signed by the Central Bank of Bahrain Governor Rasheed Al Maraj, and China Banking Regulatory Commission chairman Shang Fulin.

A protocol amending agreements on non-double taxation and prevention of tax evasion was also made. It was signed by Finance Minister Shaikh Ahmed bin Mohammed Al Khalifa and Chinese National Administration of Taxation Affairs Wang Fei.

Under the protocol, tax authorities will provide assistance by exchanging information relating to management and implementation of national laws with regard to taxes. – TradeArabia News Service