Dubai: China, the second largest globaleconomy and the UAE, the second biggest Arab economy, are strengthening theirbilateral economic relations, according to a recent seminar in Dubai.
With bilateral trade totalling $46.3 billion(Dh170 billion) in 2016, two-way trade between the UAE and China has alreadycrossed $35 billion in the first nine months of the 2017, officials said at theCross Border Industry-Focused Investment Cooperation Seminar.
“Chinese companies are now participating inthe 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 tosurpass last year’s $46.3 billion,” said Lei Jin, Economic and CommercialCounsellor at the Consulate General of the People’s Republic of China in Dubai.
Citing recent developments, including China’sCosco being awarded the contract to build and operate a container terminal atKhalifa Port, and Hutchison Port’s new concession to operate terminals in RasAl Khaimah and Umm Al Quwain, Jin said that Chinese companies have deepenedtheir engagement with the UAE, especially in large infrastructure projects.
Thisincluded constructing large power plants in Dubai, he added.
“Inthe coming months and years, Chinese investors will participate in the UAE’sdevelopment in a larger way and we see the Annual Investment Meeting as aperfect gateway for them to identify opportunities,” Jin said.
BaoNing, Director for Conferences and Fairs at the China Investment PromotionsAgency (CIPA), said, “China attracted $134 billion of foreign direct investmentin 2016 and Chinese investment in overseas markets jumped 44 per cent to $183billion, making China a net capital exporter in the world and we expect part ofthe future investment to be channelled to the UAE.”
Source: Gulf News Investment/Staff Report