Abu Dhabi: The volume of non-oil trade between Abu Dhabi and China during the first half of 2011 amounted to Dh2.16 billion, up 64.24 per cent from Dh1.32 million during the corresponding period a year earlier, figures released yesterday by Abu Dhabi's Department of Economic Development (DED) showed.
During the first half of the year, Abu Dhabi's exports to China hit Dh339.76 million, and imports totalled Dh1.82 billion. Re-exports were worth Dh1.56 billion.
Last year, during the same period, Abu Dhabi's imports from China were valued at Dh1.27 billion, and its exports were worth Dh242 million, the figures showed.
The DED said it had signed a joint cooperation agreement with the district of Pudong Financial Services Office, part of the Shanghai government.
The agreement promotes joint strategic cooperation between the emirate and Pudong in the economic, social, financial and infrastructure sectors.
Signed
The agreement was signed yesterday at the Abu Dhabi Council for Economic Development by Nasser Ahmad Al Suwaidi, DED chairman, and Chi Henning, director-general of the Pudong Financial Services Office.
"The United Arab Emirates, and the Emirate of Abu Dhabi in particular, attach great importance to developing and strengthening economic and investment ties with China, as the UAE is the second largest trading partner of China in the Gulf region," Al Suwaidi said.
He pointed out that the agreement reflects the keenness of the leadership of both countries to strengthen channels of communication and promote investment opportunities on both sides, thus contributing to the promotion of trade between the two countries, and opening up broader prospects of joint cooperation.
Al Suwaidi pointed out that the UAE had focused greatly in past years on strengthening investment relations with China by investing in a variety of fields including finance, real estate and construction.
The UAE's investments in China increased to about $220 million (Dh808 million).
Companies
Estimates suggest that more than 3,000 Chinese companies are operating in the UAE in such sectors such as real estate, construction, trade, services and tourism.
Recently, there have been predictions that UAE-China trade could exceed $100 billion by 2015, in view of the strengthening economic ties between the two nations.
Numbers on the increase
- 64.34%: rise in trade between Abu Dhabi and China
- Dh1.82b: in imports to Abu Dhabi from China in first half
