Dubai looks to stronger bilateral ties with China
dubai — As part of its efforts to promote Dubai as a lucrative investment destination, 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, the event was attended by a number of global dignitaries and business leaders. 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, Hamad Buamim, president and CEO of 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. Last year, bilateral trade with the country amounted to Dh176 billion, increasing from Dh87 billion in 2010 with a rise of 102 per cent.
Buamim further stressed that China’s investment in the UAE is close to $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 Chi-
China’s investment in the UAE is close to $2.33 billion with the presence of 4,000 Chinese companies in the country
Hamad Buamim, President and CEO of Dubai Chamber
nese member companies currently registered with Dubai Chamber and that there is a rise of 54 per cent from 1,335 companies in 2008 as the emirate is an ideal business destination.
“The emirate saw a 25 per cent 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 reexport 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,” added Buamim. He also informed that the 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.