GCC-China ties hindered by culture

Investment between the Middle East and China is being held back by a lack of cultural understanding, speakers at a UAE conference said yesterday.

The chairman of the Gulf Research Centre told delegates at the China-Middle East Investment Forum in Dubai that despite projections that investment is set to surge “there is a cultural gap that acts as a barrier” to trade.

Abdulaziz Sager said the lack of common language and a limited knowledge of business culture between the regions could prevent ties from developing further, reporteded newswire AP.

Huang Xiaoxiang, vice governor of China's Sichuan province, also called for greater interaction, saying China must do more to tap liquidity in the Middle East.

"There is a lack of effective communication between both sides. We need to tighten understanding of cultural backgrounds and deepen our research on Middle East investment funds," Huang said.

Annual trade between the Middle East and China has doubled to 240 billion dollars since 2000, according to the Dubai International Financial Centre. It said banks were predicting GCC states would invest as much as 250 billion dollars in Asia over the next five years, mainly in China.

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