AMN
Representatives from the Ministry of Economy, UAE, recently held a bilateral meeting with representatives of Deputy International Trade for the People’s Republic of China, at the UAE-China Economic Forum held in Dubai. The meeting aimed to strengthen joint investment opportunities in various economic sectors, including trade, logistical transportation, real estate, financial services, technology, and insurance activities.
During the meeting, UAE emphasized the UAE-China strategic partnership and cooperation, which have witnessed significant development over the past four decades in various fields, particularly economic and trade and highlighted that the historical ties serve the two countries’ development direction and support the growth and sustainability of their economies.
Abdullah Ahmad Al Saleh, Under-Secretary of the Ministry of Economy mentioned that the UAE is China’s first Arab and Gulf trade partner in 2021, while China is the UAE’s first trade partner. The non-oil intra-trade value between the two countries amounted to over US$72 billion in 2022, achieving an 18 percent growth rate. . Additionally, China ranks as the third-largest foreign investor in the UAE globally, with a balance of foreign direct investments that amounted to US$9.3 billion until the beginning of 2021, achieving a growth of 514.5 percent.
During the meeting, the Chinese side was briefed on the UAE’s economic policies that aim to enhance the competitiveness of the investment environment and its growth. These include providing incentives and supportive enablers to encourage the private sector to invest and expand in the country’s markets, amending the Commercial Companies Law, which allowed 100 percent foreign ownership, and supporting the increase of labour mobility and modernizing residency systems in the country.