DUBAI
Dubai companies are well poised to take advantage of China’s Belt and Road Initiative, according to a senior representative from Hong Kong’s trade mission to the UAE.
The Belt and Road Initiative, also known as the 21st Century Silk Road, is a China-centred trading network masterminded to increase interconnectivity throughout Eurasian countries.
“In terms of the Belt and Road Initiative, there are many opportunities for collaboration between Hong Kong and Dubai, who both hold very important positions along the trading route,” said Perry Fung, HKTDC Regional Director for Middle East and Africa in an interview with Gulf News on Tuesday.
Speaking at a press conference to announce the launch of the fifth Lifestyle Expo in Dubai, taking place on September 25-26, Fung said that the UAE had been a founding investor in China’s initiative, and would play a key role in its plan.
In October 2016, the Abu Dhabi Investment Authority (Adia) opened its first office out of country in Hong Kong, joining the likes of Dubai Exports, DP World, and Emirates Airlines in the city-state.
“Both the UAE and Hong Kong are very important gateways, with more UAE companies seeing Hong Kong as a regional hub for East Asia and Mainland China. Hong Kong and the UAE are both hubs for key markets — Asia, and the Middle East and Africa region, respectively” Fung said.
Annual trade between Hong Kong and the UAE amounted to approximately $10.5 billion throughout 2016.
“This represents a 5.3 per cent increase on 2015. This is a healthy increase,” he added.
The majority of this trade is made up of jewellery, pearls, stones, and telecommunications equipment.
“Merchandise trade only represents a part of this relationship however. Business cooperation and investment cooperation are now going on between the UAE and Hong Kong,” Fung noted.
Jointly organised by the Hong Kong Trade Development Council (HKTDC) and the Trade Development Bureau of the Ministry of Commerce of the People’s Republic of China, the Expo in Dubai next week will showcase a wide range of products from around 110 Hong Kong and mainland exhibitors. These products include consumer electronics and ICT products, household products and electrical appliances.
About 1,300 importers, distributors, mass retailers, mail-order houses, department stores and speciality stores from the United Arab Emirates (UAE), Iran and Africa are expected to attend the event.
