Bin Touq: We are working to facilitate a new framework for economic cooperation with countries of the “Global South”

September 14

Abdullah bin Touq Al Marri, Minister of Economy, confirmed that the UAE and China have well-established strategic relations that are witnessing continuous development in various fields and sectors, especially the new economy, investment, technology and entrepreneurship. The UAE is a gateway for international companies to access Middle Eastern markets.

Bin Touq said: China is the largest trading partner of the UAE, which in turn is Beijing’s largest partner in the Middle East and North Africa region in terms of non-oil trade, which recorded a growth of 27% on an annual basis to reach $77 billion in 2022, which is the highest level ever compared to… By $61 billion in 2021.

He added that China is the third largest source of foreign direct investment flows, with $6.3 billion, with bilateral investment between the two countries rising in recent years to reach a record level of $15 billion in 2022.

Favorite destination

He pointed out that the UAE is the preferred destination for Chinese companies interested in expanding in the Gulf Cooperation Council countries and the Middle East and North Africa region, thanks to the world-class infrastructure, including ports, logistics centers and free trade zones, which allows smooth commercial communication with various countries of the world. .

He continued that cooperation with Chinese companies such as Huawei, Lenovo, Xiaomi, JD.co, ByteDance, NIO and others contributes to digital transformation and the growth of the technology sector in the Emirates and helps advance the wheel of innovation and entrepreneurship.

Strong support

Minister Bin Touq affirmed the UAE’s support for the Belt and Road Initiative to promote shared prosperity and economic development, based on the UAE’s desire and its strategic location to enhance cooperation between the Belt and Road Initiative and Middle Eastern countries through knowledge exchange and capacity building.

He said that the UAE and Hong Kong share many similarities, including being centers for international trade and investment and a gateway to the Middle East and North Africa region and mainland China.

He added that the UAE’s total non-oil trade with Hong Kong recorded $12 billion in 2022, with a growth of nearly 50% in 10 years, while the balance of foreign direct investment from Hong Kong in the UAE reached $2.1 billion. Mainly in retail and automotive (73%), manufacturing (19%), and transportation and warehousing (5%).

Multiple agreements

He pointed to the signing of many agreements in recent years on avoiding double taxation, encouraging and protecting investment, regulating financial markets, financial technology and blockchain technology, and many agreements in various fields including trade, logistics, investment, technology and air services.

He said: Hong Kong places the UAE in first place in the Middle East and North Africa region in terms of a low-risk country on all indicators: “commercial operations, labor market, trade, investment, logistics, crime and security.”

He stressed that the UAE believes in a multipolar and comprehensive economic system by dealing with all partners around the world, pointing to the UAE’s commitment to sustainable development through its ambitious agenda, including the “We Are the Emirates 2031” vision and the United Nations Sustainable Development Goal, which the UAE shares with China. .

Positive role

Regarding the UAE’s accession to the BRICS group, Bin Touq said: Joining the BRICS is an international recognition of the positive and important role that the UAE has played over the past years in the fields of trade, investment, international cooperation and economic diplomacy, which reflects the country’s growing role at the regional and international levels, as evidenced by its active participation. In the United Nations system and in the G20, and recently joining the BRICS group as a full member.

He added: The UAE views BRICS from a geographic-economic perspective, with the aim of enhancing its economic competitiveness and opening new economic partnerships. Pointing out the work to facilitate a new framework for economic cooperation with the Global South to advance trade and sustainable development, which will be in the interest of everyone.

Challenges

Regarding the UAE’s preparations to host the United Nations Climate Change Conference (COP28), the Minister of Economy said: Climate change is the most serious challenge facing humanity in this century, as the UAE believes in pluralism and global solutions to global problems.

He pointed out that China’s Permanent Representative to the United Nations; He affirmed his country’s support for the UAE in hosting the Conference of the Parties (COP28), indicating the UAE’s readiness to work with all parties to promote a fair and impartial transition process and enhance international cooperation that achieves the common interests of all, pointing to the UAE’s endeavor to establish a closer green partnership with China.

Investment partnerships

Bin Touq pointed out that China’s experience in developing practical and commercially viable clean technology is vital for the rest of the world’s mitigation plans. Especially developing countries. He added that China and major countries could also play a major role in ensuring that the solution to the climate crisis is fair and effective in various fields, including financing, technology transfer and capacity building, adding that the private sectors in the two countries are also uniting their efforts to lead the green transition through: « The Green Technology Fund, developed between Mensha Ventures and the Asian Development and Investment Bank, aims to build investment companies in the green technology sector in the GCC countries.”