Dubai: The Dubai Multi Commodities Centre (DMCC) on Wednesday said it had signed an Memorandum of Understanding (MoU) with the China Council For The Promotion Of International Trade (CCPIT).

The MoU is designed to strengthen commercial collaboration between the Hubei business community and the DMCC. The agreement highlights Dubai’s position as a global gateway and the ideal partner for leading Chinese enterprises to access some of the fastest-growing markets in Africa, central, south and south-east Asia, Europe, the Middle East, and beyond.

“Signing this agreement represents a significant step forward in [the] DMCC’s relationship with the Wuhan business community, and will only serve to strengthen the strong and longstanding economic ties between Dubai and China,” Ahmad Bin Sulayem, DMCC executive chairman, said in a statement.

“As the world’s economic gravity continues to shift eastwards, DMCC looks forward to supporting the strategic Dubai-China relationship, and enabling Chinese firms take advantage of its global connections, robust infrastructure and innovative business services,” he added.

The agreement was unveiled during a ceremony staged at the Wanda Realm Wuhan hotel, in conjunction with CCPIT Hubai Province, and as part of DMCC’s latest Made for Trade Live event.

“We look forward to working alongside the world’s leading free zone and connecting the Wuhan business community to exciting growth markets through the global hub of Dubai,” Aiming ZHANG, deputy chairman of CCPIT Hubei Province, said.

Made for Trade Live also profiles the 15,000-plus member companies in DMCC, including the growing number of leading Chinese firms such as Hisense; Hikvision; China Petroleum Engineering & Construction Corporation (CPECC); China Petroleum & Chemical Corporation (Sinopec); China Harbour Engineering Company, Power Construction Corporation of China and ChemChina.

Chinese registrations have risen at an average annual growth rate of 46 per cent in the five years up to May 2018.