Chinese companies are now participating in the UAE's development activities in a 'bigger way' - official
Two-way trade between the UAE and China has already crossed $35 billion in the first nine months of the 2017 as the global powerhouse looks to boost trade links with the country.
The two countries are looking to build on bilateral economic relations which totalled $46.3 billion in the whole of 2016, officials said at a recent seminar at the Dubai World Trade Club.
“Chinese companies are now participating in the UAE’s development activities in a bigger way as bilateral trade has crossed $35 billion in the first nine months of the current year and is expected to surpass last year,” said Lei Jin, economic and commercial counsellor at the Consulate General of the People’s Republic of China in Dubai.
Citing the recent developments in which China’s Cosco is set to build and operate a container terminal at Khalifa Port and Hutchison Port’s new concession to operate terminals in Ras Al Khaimah and Umm Al Quwain, he said Chinese companies have deepened their engagement with the UAE, especially in large infrastructure projects.
“In the coming months and years, Chinese investors will participate in the UAE’s development in a larger way,” Lei Jin added.
In 2013, China launched One Belt One Road initiative, connecting 60 countries in various regions located along the Belt and Road Initiative, with a combined inward FDI stock of nearly $6 trillion and outward FDI stock above $3 trillion, according to World Investment Report published by the United Nation’s Conference on Trade and Development (UNCTAD).
Bao Ning, director for conferences and fairs at the China Investment Promotions Agency (CIPA), said: “China’s One Belt, One Road initiative has already seen $60 billion investment in creating new economic corridors with 75 economic zones or industrial belts creating 209,000 jobs and $2.21 billion worth of tax revenues for these countries.”
The UAE received $9 billion foreign direct investment in 2016 – when the country also witnessed outward investment to the tune of $15.71 billion – making the country a net capital exporter, according to the World Investment Report 2017.
The UAE has been actively participating in trade and investment events in China, including the Belt and Road Summit and the China-Arab States Expo.