DUBAI (WAM) — The UAE has managed to achieve a qualitative leap in its economy during the recent years due to the adoption of a forward-looking strategy and in anticipation of strategic plans for the future, according to the Ministry of Economy.
This move has strengthened UAE’s position on the map of the world economy, the ministry said in a press release issued today to announce the participation of China in the 9th edition of the Annual Investment Meeting, AIM, which is taking place from 8th to 10th April, 2019, at the Dubai World Trade Centre.
The UAE enjoys privileged relations with various countries of the world, particularly the Republic of China, the ministry said, adding that the volume of non-oil trade between UAE and China is expected to reach US$70 billion by 2020.
The bilateral relations between China and the UAE have witnessed a remarkable stature with the exchange of official visits between the two countries. This has resulted in the conclusion of cooperation agreements and the drafting of frameworks of economic partnerships. These efforts aim to open the doors for a new and long-term economic partnership reinforced by a mutual interest in various economic events organised by two parties.
The participation of the economic giant at the forum, which carries the theme “Mapping the Future of FDI: Enriching World Economies through Digital Globalisation”, will focus on investments and on various available resources to achieve sustainable development within the parameters of China’s strategic plans.
The AIM will provide an opportunity for both sides to strengthen economic cooperation and trade relations. In 2017, the non-oil trade volume between the two countries exceeded the $53 billion mark. China has also infused direct investment into UAE in the amount of $2.8 billion by the end of 2016, an increase of 33 percent spread across sectors including wholesale and retail trade, financial and insurance services, real estate, construction, transportation, storage, and others.
Abdullah Al Saleh, Under-Secretary of the Ministry of Economy for Foreign Trade, said, “The UAE continues to improve its investment climate by introducing new legislation and policies suitable for business, through the support of a favourable investment environment. This is to attract more foreign direct investment inflows, especially from China, which is seeking to expand its business and investment in the regional markets.
Al Saleh added, “The Annual Investment Meeting plays a vital role in promoting these healthy trade relations and in opening a broader dialogue, exchange of opportunities and information, and to discuss aspects and extent of cooperation. The forum aims to establish investment partnerships that will serve the development goals of participating countries by providing an opportunity for the exchange of visions among governments and the private sector to establish strong economic structures for investors and to link opportunities for sustainable economic growth.”
Through joint meetings, the Chinese companies will seek to increase cooperation in the fields of innovation and technology transfer, economic diversification, exchange of data on relevant information, education, science and technology, renewable energy and water, oil and gas, culture and arts.
China will also seek to secure more agreements, especially in the field of intra-regional trade, to take advantage of the strategic location of the UAE as a global gateway for re-exporting 50 percent of Chinese products to GCC, Africa and Europe.
More than 4,200 Chinese companies are based in the UAE, thanks to the diverse investment opportunities the UAE offers. Chinese citizens, who number 200,000 in the UAE, also receive a visa upon arrival contributing significantly to the promotion of tourism and cultural exchange.