DUBAI- The UAE and China are taking bilateral economic relations to a new level, with plans to increase two-way trade beyond the US$46.3 billion mark achieved in 2016 by the end of 2017.
Two-way trade between China - the second largest global economy - and the UAE - the second biggest Arab economy - have already crossed US$35 billion in the first nine months of 2017, officials said at a UAE-China investment cooperation seminar held at the Dubai World Trade Club recently.
"Chinese companies are now participating in the UAE’s development activities in a bigger way as bilateral trade has crossed US$35 billion in the first nine months of the current year and is expected to surpass last year’s $46.3 billion," Lei Jin, Economic and Commercial Counsellor at the Chinese Consulate General in Dubai, said.
Citing the recent agreements under 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 Ra’s al-Khaimah and Umm al-Qaiwain, Lei Jin said Chinese companies have deepened their engagement with the UAE, especially in large infrastructure projects, including the construction of large power plants in Dubai.
"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," he said.
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 percent 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 the 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 the 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.
China’s One Belt One Road initiative has opened exciting avenues to expand 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 to build further on the more than 80 ports and container terminals it already owns or operates 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.
The Annual Investment Meeting (AIM), aimed at facilitating strategic networking and promoting investments, will be held from 9th - 11th April 2018 at the Dubai World Trade Centre, and will convene key decision-makers from around the world, including China.
Dawood Al Shezawi, Chief Executive Officer of the Annual Investment Meeting, said, "China is currently the second largest trade partner of the UAE which serves as a waypoint for around 60 percent 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 in 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 programme unfolds." AIM is the largest gathering of the international investment community, policy makers, business leaders, and investors, and promotes cross-border investment flow to achieve sustainable global economic growth.
© Copyright Emirates News Agency (WAM) 2017.