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Dubai, March 19: His Excellency Abdullah Ahmed Al Saleh, Undersecretary of the Ministry of Economy, held a bilateral meeting with HE Chan Chunjiang, Assistant Minister of Commerce for Investment Affairs of the People’s Republic of China, to discuss enhancing joint investment opportunities in new economic sectors, trade, logistical transportation, real estate, financial services, technology and insurance activities.
This came on the sidelines of the UAE-China Investment Forum, which was held recently in Dubai.
His Excellency Al Saleh stressed that the United Arab Emirates and the friendly People’s Republic of China have historical relations based on strategic partnership and fruitful cooperation, as these relations have witnessed great development over the past four decades in all fields, especially economic and trade, in a way that serves the development orientations of the two friendly countries and supports the growth of their economic sustainability.
His Excellency added: “The UAE is the first Arab and Gulf trade partner with China during the year 2021, and China is the first trade partner for the UAE, as the value of non-oil intra-trade between the two countries amounted to more than 264.2 billion dirhams (72 billion US dollars) in 2022, achieved A growth of 18% compared to 223.8 billion dirhams (61 billion US dollars) in 2021.
His Excellency continued: “The mutual investments between the two countries are witnessing a continuous growth in various economic and commercial activities, most notably real estate, logistical transportation, storage, financial services, insurance activities, manufacturing and information technology. Bilateral investments between the UAE and China reached nearly 44 billion dirhams (12 billion US dollars) until early In 2021, China is also the third largest foreign investor in the UAE at the global level, with a balance of foreign direct investments that amounted to $9.3 billion until the beginning of 2021, and achieved a growth of 514.5% compared to the beginning of 2013.
His Excellency Al Saleh briefed the Chinese side on the economic policies adopted by the UAE to enable and competitive the investment environment and its growth to new horizons, including 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% foreign ownership, and supporting Increasing labor mobility and modernizing residency systems in the country.
