UAE financing conditions lift business sentiment
UAE to enhance economic ties with China
China is an exciting development experience for many countries of the world and has been able to boil down decades to turn into the second largest economy in the world, and the locomotive of world trade.
China stands today at the forefront of the strategic partners of the UAE and Dubai, and there are broad prospects for strengthening this partnership which serve the development programmes in the both countries, said Hani Al Hamli Secretary-General of the Dubai Economic Council (DEC).
Hamli stressed that the DEC seeks to deepen the partnership between Dubai and China by proposing mechanisms and policies and communicating with the various economic departments in China.
Hani Al Hamli's remarks were made during a meeting with a Chinese delegation from the China Council for the Promotion of International Trade (CCPIT), Linyi Branch Office and Linyi Chamber accompanied by a number of Chinese leading businessmen, who are specialised in the field of retail, glass industry and recycling.
The Chinese delegation included Yue Lijuan, President Party Secretary, CCPIT Linyi Branch, CCOIC Linyi Chamber, Xu Tiecheng, General Manager of the Shandong area, China Recycling Development Corporation, Zhang Hongzi, Xukun Lighting Appliances Shandong, Cao Jilian, Chairman of Shandong Lanhua Group, and the former Chinese Vice Consul in Dubai.
At the meeting which took place at the DEC office both parties discussed means of boosting bilateral economic and investment relations.
At the beginning of the meeting, Hani demonstrated a detailed explanation about the most important economic developments in Dubai. He pointed out that Dubai has managed over the years to prove itself as a regional, global trade hub providing state of the art logistics, thanks to its modern infrastructure and extensive network, including shipping lines and transport with the highest international standards, making it an attractive environment for investors from all over the world.
Trade between the UAE and China has increased fivefold over the past 10 years with a growth rate of 395 per cent at Dhs57.3 billion (US$15.6 billion) in 2012 from US$3.12 billion in 2002.
During this period, both countries achieved steady economic growth that was capable of overcoming the ramifications of the slowing global economy. Trade between the two countries is expected to grow faster in the future.
In a study released by the Ministry of Foreign Trade (MOFT) on trade relations between the UAE and China stated that the People's Republic of China maintained its status as the UAE's second largest trade partner, revealing that trade between the two countries grew to US$15.6 billion in 2012, in comparison with US$14.2 billion in 2011 (with a 10 per cent growth rate).
The main imports from China were electronic appliances, radio audio recording devices, cameras, mechanical tools and devices, and articles of iron and steel. As to the main exports to China, those were plastics and their products, copper and its products, as well as iron and its products.
Hani Al Hamli added that Dubai also has strong bilateral business relationships with a number of countries, from the east and the west, but the relationship with China is of special strategic significance beyond the tradition to affect vital areas such as energy, industry and infrastructure, in addition to a number of strategic projects in the pipeline by major Chinese companies. Al Hamli also pointed out that the DEC has been always present in several activities which took place in China.
Yue Lijuan, President Party Secretary, CCPIT Linyi Branch, CCOIC Linyi Chamber, expressed admiration for the urban and cultural development witnessed in Dubai.