The UAE and China are discussing enhancing economic and investment relations

Dubai, December 18 / WAM / The UAE-Chinese Working Group for Investment and Economic Cooperation held its first meeting today at the headquarters of the Ministry of Economy in Dubai, with the aim of strengthening the economic partnership and investment growth between the two countries, and bringing it to advanced levels of cooperation in sectors of common interest, especially the new economy. Entrepreneurship, tourism, aviation and logistics.
The meeting was chaired by His Excellency Abdullah Ahmed Al Saleh, Undersecretary of the Ministry of Economy, and His Excellency Ling Jie, Deputy Minister of Commerce of China and Deputy Representative of China for International Trade, and in the presence of His Excellency Ou Buqian, Consul General of the People’s Republic of China in the country, and representatives of a number of government bodies from both sides.
In his opening speech, Abdullah Al Saleh described the UAE-Chinese relations as strategic, as they are a solid model of fruitful cooperation and extend for more than four decades during which they witnessed great development at the economic level, noting that the meeting of the Working Group for Investment and Economic Cooperation between the two countries represents an important milestone towards exploring new horizons. Of partnership and cooperation, which contributes to increasing mutual trust between the Chinese and Emirati business communities, and introducing the flexible and attractive investment environment provided by the markets of the two countries, which enhances the competitiveness and prosperity of our relations. Economic.

The meeting discussed a number of important topics related to investment cooperation between the two countries, including ways to enhance UAE investments in China and stimulate Chinese companies to expand their investments in the country, in addition to opportunities for cooperation between the two countries in the fields of digital economy, green development, support for small and medium-sized companies and entrepreneurship, as well as Tourism, air transport and aviation sectors, as the UAE received more than one million Chinese tourists in 2023, with the number of flights between the two countries reaching more than 200 flights per month, and the two sides indicated the need to benefit from this momentum. To promote cultural and economic exchange.
The UAE side called on the Chinese business community to benefit from the attractive investment environment provided by the UAE, especially with the presence of more than 15,000 Chinese companies operating in the UAE market, which supports the strategic partnership to achieve the economic visions of both.

China is the first trading partner of the UAE during the first half of this year, as China’s proportion of the UAE’s non-oil trade reached 11.2%, and in 2023 the UAE will acquire 25% of China’s non-oil trade with the countries of the Middle East and Africa, becoming China’s first trading partner. between the countries of these regions.
During the first half of 2024, the value of UAE trade with China reached more than $42.4 billion, a growth of approximately 3% compared to the same period in 2023. The value of UAE trade with China during 2023 reached $86.7 billion, with a growth of 12.1% compared to the year 2022. While the value of foreign trade between the two countries reached 120 billion dirhams by the end of 2023.
China comes in tenth place for the UAE’s non-oil exports with a contribution rate of 2% during the first half of 2024, and also ranked 10th for the UAE’s re-exports with a contribution rate of 2.5% during the first half of 2024. In contrast, 18% of the UAE’s imports come from China.
In terms of investment, the balance of UAE investments in China amounted to about $4.5 billion at the end of the year 2023, doubling from 2022 to 2023 with an increase of 96%, distributed among strategic sectors such as renewable energy, infrastructure, transportation, and communications. In return, the value of investments amounted to Chinese goods in the UAE at the end of 2023 amount to a total of $5.8 billion.
The formation of the working group for investment and economic cooperation between the UAE and China comes within the framework of the memorandum of understanding signed between the two countries last May, which aimed to enhance economic and investment cooperation within the “Belt and Road” initiative, and open new horizons for coordination in vital areas including green development, infrastructure, and the digital economy, including It supports bilateral relations and promotes sustainable growth for both parties.
The meeting was attended by representatives of a number of governmental and private entities and institutions from both sides, most notably from the UAE side the Ministry of Investment, the Ministry of Climate Change and Environment, the Ministry of Industry and Advanced Technology, the Abu Dhabi Chamber of Commerce, the Dubai Chamber of Commerce, the Department of Economy and Tourism in Dubai, and the Abu Dhabi Investment Office, and from the Chinese side the Ministry of Foreign Affairs and International Cooperation and the Ministry of Social Affairs. Foreign Ministry, the Chinese Embassy in the Emirates, and the Bank of China.

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