Abu Dhabi: The bilateral trade between China and the UAE is expected to grow in the coming years as relations between the two countries strengthen, Chinese Ambassador to the UAE said in Abu Dhabi on Monday.
“The trade amount between the two countries is little-bit affected due to sluggish recovery in world economy, but still China’s trade with the UAE compared to other Arab countries is quite good,” said Ni Jian speaking to Gulf News on the sidelines of China Trade Week which opened in Abu Dhabi on Monday.
“Last year our bilateral trade amounted to $48 billion (Dh176.3 billion) and we are expecting this figure to increase in the coming years due to good relations.”
According to the ambassador Jian, foreign direct investment from China to the UAE amounted to $390 million from January to September this year registering a growth of 358 per cent when compared to last year.
“The investment was in different sectors. The two sides have so many cooperation projects in different fields as part of one belt, one road initiative including infrastructure, energy and other sectors,” he said without giving specific details.
In September this year, Abu Dhabi Ports signed a concession agreement with the China-based Cosco Shipping Ports Limited to build and operate a terminal at Khalifa Port for 35 years. Investment in the project is estimated to be $400 million, a Reuters report said.
The UAE has been China’s second largest trading partner and the largest export market in the Middle East and North African region, and an important trading hub for Chinese products.
Currently there are more than 4,000 Chinese enterprises operating in the UAE including some top companies like China Construction, China National Petroleum Corporation and China Harbour.
Chinese banks with offices in the UAE include the Bank of China, Agricultural Bank of China, China Construction Bank and Industrial Commercial Bank of China.
Last year, His Highness Shaikh Mohammad Bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces visited China and the two counties signed a number of agreements opening a new chapter in the bilateral relations between the two countries.
