Dubai Chamber Seeks Stronger Bilateral Ties with China

As part of its efforts to attract FDIs to Dubai and to promote the emirate as a lucrative investment destination while enhancing the competitiveness of its business community in global markets, the Dubai Chamber of Commerce and Industry participated in the China-UAE Trade and Cultural Exchange Summit 2016 held in the Chinese city of Chengdu recently.

Attended by a number of global dignitaries and business leaders, the summit was held on the side-lines of the Chengdu Dubai International Horse Racing Cup jointly organised by Dubai’s Meydan Group and the Government of Chengdu. The summit’s aim was to identify synergies and mutual areas of bilateral and cultural cooperation between the UAE and China.

In his welcome address, H.E. Hamad Buamim, President and CEO, Dubai Chamber, stressed on the importance of strengthening bilateral trade relations between Dubai and China which he said are based on strong ties as China today is the emirate’s number one trading partner while last year, bilateral trade with the country amounted to AED 176 billion increasing from AED 87 billion in 2010 with a rise of 102%.

H.E. Buamim further stressed that China’s investment in the UAE is close to USD 2.33 billion with the presence of 4,000 Chinese companies in the country and more than 200,000 Chinese living here. He added that there are 2,055 Chinese member companies currently registered with Dubai Chamber and that there is a rise of 54% from 1,335 companies in 2008 as the emirate is an ideal business destination.

“The emirate saw a 25% rise in the number of Chinese tourists in the first half of 2015 which clearly reflects on Dubai’s attraction to the Chinese visitors with a higher percentage expected to visit this year,” he said.

“Dubai’s strategic location connecting various global trade routes such as the Silk Road, and excellent logistics facilities make it the number one re-export destination in MENA with enormous potential to reach out to clients in the Middle East region while also offering a solid base for Chinese businesses to tap into European and African markets.

“China is expected to become the leading economic power and a main supplier of manufactured goods in the world by the year 2030 and with rising demand for consumer goods in India, Central Asia and Africa, Dubai can serve as China’s gateway to these markets,” said H.E. Buamim.

He informed that Dubai Chamber has carefully studied the Chinese market and sees the need to open its international office in Shanghai soon which he said will reinforce the Chamber’s commitment to support two-way trade between the two sides while taking their bilateral ties to a higher level.

During the Sino-UAE Business Matching Seminar, held on the side-lines of the summit, the President and CEO of Dubai Chamber called upon Chinese companies to explore the emirate’s various investment and joint venture opportunities in mutual areas of interest including new and traditional energy, infrastructure, manufacturing, technology, hospitality, education and finance.

H.E. Buamim also highlighted the visit of H.H. Sheikh Mohammed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, to China last December which he said provided a strong boost to the economic relations between the two countries and will go a long way in consolidating stronger trade ties for both the sides in the future.

Chengdu is China’s western centre of logistics, commerce, finance, science and technology, as well as a hub of transportation and communication. It is also an important base for tech manufacturing and agriculture.