The UAE has signed multiple agreements with China’s Hainan Province to further boost trade and investments.
The deals come as bilateral non-oil trade between the UAE and the island province has more than doubled to $900 million last year.
Located in the southernmost part of China, Hainan is home to a free-trade port that is forecast to be the largest in the world by 2035. It also hosts the so-called Davos of Asia, the Boao Forum, which is an annual gathering of political and business leaders.
The new agreements include a memorandum of understanding between Ajlan & Bros Holding, Hainan Airlines Holding and Yangpu Economic Development Zone Management Committee.
The Dubai Integrated Economic Zones (DIEZ) and Hainan Airport Infrastructure also signed a cooperation framework, while Fusion Specialized Shipping and Logistics, Hainan GLA and Hainan Logistics Group signed a global strategic partnership.
Another deal signed was a strategic cooperation agreement between UAE International Trip Support and Hainan Provincial Bureau of International Economic Development.
The deals were signed during the Hainan Promotion Conference in Dubai, an event jointly organised by the UAE International Investors Council, the Department of Commerce of Hainan Province and the Hainan Provincial Bureau of International Economic Development.
“The agreements we have concluded reflect the growing synergies that exist between our two thriving economies,” said Thani Al Zeyoudi, UAE Minister of State for Foreign Trade.
“Our shared belief in rules-based trade and the ongoing development of world-class logistics infrastructure provide the ideal platform to accelerate our trading relationship and secure vital East-West supply chains.”
Al Zeyoudi noted that UAE and Hainan’s relationship is growing, with bilateral non-oil trade between the two economies more than doubling in 2022 to reach $900 million.
UAE’s exports to Hainan also exceeded $653 million last year, recording a growth of 98.2%, while imports surged 110.6% to $258 million.
(Writing by Cleofe Maceda; editing by Seban Scaria)