Chinese firms have gathered in Abu Dhabi this week with the aim of boosting business with the UAE.
The UAE is viewed as a key hub along the ‘New Silk Road’. With bilateral trade between China and the UAE reaching $70bn and import values exceeding $273bn per year, China is currently the UAE’s biggest trade partner – but the figures are expected to climb, according to the organisers of China Trade Week, which begins on December 5.
Chinese investors are increasingly viewing the Gulf state as a rewarding location to expand their business, and the event is expected to play a key role in boosting these relations even further.
Organiser MIE Group claims it will highlight China’s ability to provide and manufacture high-quality products to companies and buyers in the UAE, and showcase investment opportunities in sectors such as energy, infrastructure and technology.
Currently, machinery and related items, as well as electronics, are the largest trade industries between the two countries, accounting for $8.3 billion worth of trade in the first three quarters of 2016, according to the General Administration of Customs China.
Metals, especially steel and iron, are also important, accounting for $5.4 billion worth of trade between China and the UAE during the first nine months of this year. During the same time period, $4.1 billion worth of textiles was traded, $1.1 billion worth of footwear and $1.02 billion worth of plastics and rubbers.
“The UAE not only provides an important regional base for over 4,200 Chinese companies and private businesses, but also offers Gulf companies opportunities to invest and market their Asian services. It’s a two-way relationship that is steadily developing year on year,” MIE said in a statement.
China Trade Week UAE is held at the Abu Dhabi National Exhibitions Centre (ADNEC) from December 5–7. The number of exhibitors has increased from 70 in 2013 to 300 this year, according to MIE Group. More than 5,000 people are expected to attend.For all the latest business news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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