Dubai: China, the second largest global economy and the UAE, the second biggest Arab economy, are strengthening their bilateral 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 already crossed $35 billion in the first nine months of the 2017, officials said at the Cross Border Industry-Focused Investment Cooperation Seminar.
“Chinese companies are now participating in the 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 to surpass last year’s $46.3 billion,” said Lei Jin, Economic and Commercial Counsellor at the Consulate General of the People’s Republic of China in Dubai.
Citing recent developments, including China’s Cosco being awarded the contract to build and operate a container terminal at Khalifa Port, and Hutchison Port’s new concession to operate terminals in Ras Al Khaimah and Umm Al Quwain, Jin said that Chinese companies have deepened their engagement with the UAE, especially in large infrastructure projects.
Opportunities
This included constructing large power plants in Dubai, he added.
“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,” Jin said.
Bao Ning, Director for Conferences and Fairs at the China Investment Promotions Agency (CIPA), said, “China attracted $134 billion of foreign direct investment in 2016 and Chinese investment in overseas markets jumped 44 per cent 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.”
