UAE hosts Invest in China roadshow as two countries look to boost $100bn trade relations
Trade between the UAE and China will pass $100bn this year and entrepreneurs, businesses and sovereign wealth funds look for opportunities to raise levels even further.
The Ministry of Commerce of the People’s Republic of China, in collaboration with the Embassy of the People’s Republic of China, hosted the “Invest in China” promotional event for the Middle East at the Grand Hyatt Abu Dhabi from December 11 to 12, 2024.
The event was attended by:
- Ling Ji, Vice Minister of Commerce of China and Deputy China International Trade Representative
- Zhang Yiming, Ambassador of China to the UAE
- Fatima Al Hajri, Director of Investment and Talent Attraction at the Ministry of Economy of the UAE
- Mohammed Zainal Al Zarooni, Director of Foreign Investment Development at the Ministry of Investment
UAE and China trade
Also present were representatives from sovereign wealth funds, investment institutions, and business leaders from various Middle Eastern countries.
During the event, Vice Minister Ling Ji highlighted China’s significant achievements in information technology and artificial intelligence, including the deployment of approximately 4m 5G stations and China’s 36 per cent share of global large-scale AI models.
He further reported that direct investments in the Arab region had grown from $7.3bn in 2004 to $276.2bn in 2023, driven by investments in sectors such as manufacturing, steel, and construction materials.
Ambassador Zhang Yiming emphasised the expanding investment opportunities between China and Middle Eastern nations, noting that trade between the UAE and China had reached $74.5bn in the first nine months of 2024, with expectations to surpass $100bn by year-end.
He also commended the role of regional sovereign wealth funds, such as the Abu Dhabi Investment Authority and Mubadala, in fostering investments in China, underscoring the UAE’s position as a strategic bridge for trade and investment between China and the Middle East.
Fatima Al Hajri affirmed that China is the UAE’s largest global trading partner, accounting for more than 11 per cent of the UAE’s non-oil trade.
She reported that bilateral trade between the United Arab Emirates and China reached $42bn in the first half of 2024, reflecting a 3 per cent growth compared to the same period in the previous year.
Additionally, she noted that approximately 15,500 Chinese companies are currently operating in the UAE across various promising economic sectors.
Source: www.arabianbusiness.com
