UAE gate­way to Mideast for China's prod­ucts, says min­is­ter

The Pak Banker - - 6BUSINESS -

A se­nior trade of­fi­cial of the United Arab Emi­rate said on Wed­nes­day that trade and eco­nomic re­la­tions be­tween his coun­try and China are "strong."

Sul­tan Al-Man­souri, UAE's min­is­ter of econ­omy and for­eign trade, said in a e-mailed state­ment that UAE is con­sid­ered a gate­way to about 60 per­cent of China's ex­ported mer­chan­dise to the re­gional mar­ket.

The min­is­ter also noted that the trade vol­ume be­tween the two coun­tries in 2014 sur­passed $46 bil­lion, a 28-per­cent in­crease com­pared to that of the pre­vi­ous year.

Now al­most 300,000 Chi­nese cit­i­zens live and work in the UAE, along with over 4,000 com­pa­nies, 249 trade agen­cies, and 5,451 reg­is­tered Chi­nese brands, ac­cord­ing to the min­istry of econ­omy.

Al-Man­soori said the UAE, a ma­jor oil sup­plier, has be­come a Middle East­ern hub and "an ideal chan­nel link­ing east and west," at­tribut­ing that to rea­sons in­clud­ing political sta­bil­ity and se­cu­rity, as well as "world-class" in­fra­struc­ture and leg­isla­tive en­vi­ron­ment that are sup­port­ive of the coun­try's busi­ness cli­mate.

The UAE also has 34 taxfree var­i­ous free zones, con­sol­i­dat­ing its po­si­tion as an de­vel­oped in­vest­ment desti­na­tion not only in the re­gion but around the world, he noted.

He be­lieves that there is still great po­ten­tial for fur­ther co­op­er­a­tion be­tween the two sides, while the UAE is el­i­gi­ble for a "dom­i­nant added-value role" in China's belt and road ini­tia­tive.

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