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| 21 July, 2018

UAE welcomes China to explore investment opportunities

UAE Minister of Economy Sultan bin Saeed Al Mansoori promised cooperation in all sectors.

Image used for illustrative purpose.
UAE, Dubai, Sheikh Zayed Road, two photographs of the same scene taken at different time of day and merged together in a single image to show the transition from dusk till dawn.

Image used for illustrative purpose. UAE, Dubai, Sheikh Zayed Road, two photographs of the same scene taken at different time of day and merged together in a single image to show the transition from dusk till dawn.

Getty Images/Shomos uddin

UAE - Economy ministers of the UAE and China said the state visit opened doors to new areas of cooperation and also strengthened existing ties between the two countries.

Taking things a step forward, UAE Minister of Economy Sultan bin Saeed Al Mansoori promised cooperation in all sectors and invited Chinese investors to explore the investment climate in the UAE.

"The UAE policies of investment and development have many commonalities with China," the minister said during the UAE-China Economic Forum held in Abu Dhabi on Friday. "We invite Chinese investors to explore investment climate in the UAE."

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Al Mansoori said the state visit has infused fresh energy to the bilateral relationship and the partnership will continue to grow. "We are at a historic juncture that is set to grow to greater heights. The UAE's business friendly model has successfully helped to attract investments from China across various sectors. Also, some of the UAE-based companies are investing heavily in Chinese companies," the minister said.

He noted education, health, water resources, technology, aviation, aerospace and renewable energy as sectors the UAE is focusing on in coming years.

He added that 'One Belt One Road' is China's gift to the world. "I am hopeful about a fruitful outcome from this state visit," he added.

Meanwhile, Chinese Minister of Commerce Zhong Shan appreciated the 'tireless work' seen in the UAE to push trade and economic cooperation.

"UAE is the first Gulf country to establish strategic partnership with China. The UAE-China trade and economic cooperation has achieved fruitful outcome," he added.

Shan said China will make its gate of cooperation much wider. "We all think future of bilateral ties is very broad. Both the countries are advocates of free economy and multilateralism. Policy of reformation and openness to outer world has helped China to achieve a lot of development. Gate of Chinese openness will be made further wider in future," he said elaborating on the investor-friendly norms practiced in China.

Shan said come November China will start a revolution with the International Import Expo. "Already some six UAE-based countries have expressed interest in attending the expo."

The minister sought further cooperation in One Belt One Road project among others. "We need to have a mechanism to build cooperation in infrastructure, free zone, financial services and facilitating freedom of trade between the two countries. We need to promote cooperation in field of oil and gas sector. We also need to activate cooperation in fields of Artificial intelligence and Big Data. Let's move forward hand-in-hand to contribute towards UAE-China's prosperous future," he added

UAE can benefit from China expertise

UAE Minister of State for Artificial Intelligence Omar Bin Sultan Al Olama said the country can learn a lot from the expertise China possess in field of technology.

"China is an important country as far as technology is considered. We wish to bridge gap in this field. China has invested heavily in field of Artificial Intelligence. Schools in China have AI as part of their curriculum and we look forward to having something like this. We wish to make use of this expertise," the minister added.

Later, two memorandum of understanding was inked by China Business Council - UAE with Abu Dhabi Investment Office and Abu Dhabi Chamber.

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