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Historic UAE-China Working Group Assembly Catalyzes Accelerated Funding Progress and Strategic Collaboration in Key Sectors like Tourism, Sustainability, and Innovation
Friday, December 20, 2024
The inaugural UAE-China Working Group assembly strengthens financial ties, boosting funding and collaboration in tourism, logistics, inexperienced growth, and extra.
The inaugural assembly of the UAE-China Joint Funding and Financial Cooperation Working Group came about, marking a major step in strengthening the financial and funding ties between the 2 nations. The assembly targeted on fostering collaboration throughout sectors such because the digital economic system, entrepreneurship, tourism, aviation, and logistics providers, that are of mutual curiosity to each international locations.
The session was led by H.E. Abdullah Ahmed Al Saleh, Below-Secretary of the UAE Ministry of Economic system, and H.E. Ling Ji, Vice Minister of Commerce and Deputy China Worldwide Commerce Consultant. Additionally current was H.E. Ou Boqian, the Consul Common of the Individuals’s Republic of China within the UAE, together with key representatives from numerous authorities businesses from each international locations.
China continues to be a significant buying and selling companion for the UAE, contributing 11.2% to the UAE’s non-oil commerce through the first half of 2024. Final yr, the UAE turned China’s prime buying and selling companion within the Center East and Africa, comprising 25% of China’s non-oil commerce with the area. Within the first six months of 2024, commerce between the 2 nations exceeded USD 42.4 billion, marking a 3% progress over the identical interval in 2023. Total, bilateral commerce between the 2 international locations reached USD 86.7 billion in 2023, reflecting a 12.1% year-on-year improve. By the tip of 2023, the entire commerce worth between the UAE and China had reached AED 120 billion.
China ranks because the tenth largest vacation spot for the UAE’s non-oil exports, making up 2% of the entire through the first half of 2024. It additionally holds the tenth place for the UAE’s re-exports, accounting for two.5%. Notably, China is the supply of 18% of the UAE’s imports. The UAE’s investments in China reached roughly USD 4.5 billion by the shut of 2023, almost doubling the earlier yr’s determine, pushed by a 96% improve. These investments are targeted on key sectors comparable to renewable power, infrastructure, transportation, and telecommunications. Conversely, China’s investments within the UAE amounted to USD 5.8 billion by the tip of 2023.
In the course of the assembly, discussions centered on enhancing funding cooperation between the 2 nations, exploring methods to spice up UAE investments in China, and inspiring Chinese language enterprises to increase within the UAE. Alternatives for collaboration within the digital economic system, inexperienced growth, assist for small and medium-sized enterprises (SMEs), and entrepreneurship have been additionally highlighted. Each events additionally targeted on tourism, with over 1,000,000 Chinese language vacationers visiting the UAE in 2023, and the 2 nations working greater than 200 flights per thirty days. The assembly underscored the significance of leveraging these rising connections to additional strengthen cultural and financial exchanges.
The UAE prolonged an invite to the Chinese language enterprise neighborhood to discover the thriving funding alternatives within the nation. With over 15,000 Chinese language firms already established within the UAE, the aim is to additional deepen the strategic partnership to align with each international locations’ long-term financial visions.
This working group was established following the signing of a memorandum of understanding (MoU) between the UAE and China in Could. The MoU goals to advance financial and funding collaboration as a part of the Belt and Street Initiative, with an emphasis on inexperienced growth, infrastructure, and the digital economic system. The working group’s formation is anticipated to drive sustainable progress and improve bilateral relations within the coming years.
The assembly noticed participation from representatives of key UAE and Chinese language authorities our bodies, together with the Ministry of Funding, the Ministry of Local weather Change and Atmosphere, the Ministry of Trade and Superior Expertise (MOIAT), the Abu Dhabi Chamber of Commerce, the Dubai Chamber of Commerce, and the Abu Dhabi Funding Workplace from the UAE facet. Chinese language delegates included representatives from the Ministry of Overseas Affairs, the China Embassy within the UAE, and the Financial institution of China.
