Business confidence soars as opportunities open up
UAE-CHINA TRADE AND TOURISM ACTIVITIES EXPECTED TO RISE
Businessmen’s confidence in investing in the UAE and China will get a boost with the visit of a high-level UAE delegation to China amid a sluggish global economy.
His Highness Shaikh Mohammad Bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, began his three-day official visit to China yesterday at the invitation of Chinese Vice President Li Yuanchao. The visit is aimed at bolstering ties between two countries, creating new business opportunities for the private sector, and increase cooperation in all aspects.
The UAE has been China’s second largest trading partner and the biggest export market in the Middle East and North Africa region for many consecutive years. This country is also an important trading hub for Chinese products.
Positive step
Captain Wang Song, Chairman of the Chinese Business Council in Dubai, said the visit is a positive step for both countries as it will increase opportunities for businessmen thereby increasing competition and promoting better business activities.
“The long-range cooperation and friendship will fulfil (boost) businessmen’s confidence for investment both in the UAE and in China and increase their communication. More companies will enter the UAE [market] and then into the surrounding countries which would bring more opportunities and competition so that the commodity and trade quality would be increased and the tourism and business activities would be improved,” Wang told Gulf News.
Major investments
Currently, there are more than 4,000 Chinese enterprises in the UAE with an investment of $1.66 billion (Dh6 billion). Some $85.62 million of this was added in the first nine months of 2015. China has many investments in the UAE including energy, telecommunications, transport, real estate, trade, finance, securities, services, among others.
According to Wang, the number of Chinese businessmen coming to Dubai has increased through the years, especially for middle and small-sized enterprises registered in free zones. At least 157 companies and nine group subcouncils are registered with the Chinese Business Council in the UAE comprising around 2,000 people. This trend continues to grow, Wang said.
“There is an increasing number of Chinese companies coming to Dubai searching for better development of the Middle East, Middle Asia and Africa. The majority of Chinese enterprises covering all industries are members of the Chinese Business Council in the UAE,” Wang said.
“We are pleased that Shaikh Mohammad’s visit to China [will bring] great business opportunities and we are also glad to see deeper friendship and trust between China and the UAE.”
The UAE has been China’s second largest trading partner and the biggest export market in the Mena region for many consecutive years. UAE is also an important trading hub for Chinese products.