UAE & China hold bilateral meeting to discuss economic cooperation

By Arya M Nair, Official Reporter
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UAE & China bilateral meeting
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Mr. Abdullah Ahmad Al Saleh, Under-Secretary of the Ministry of Economy, has held a bilateral meeting with Mr. Zhang Xiangchen, Deputy International Trade Representative for the People’s Republic of China, on the sidelines of the recently held UAE-China Economic Forum in Dubai.

During the meeting, the two sides discussed enhancing joint investment opportunities in new economic sectors, trade, logistical transportation, real estate, financial services, technology and insurance activities.

Mr. Al Saleh stressed that the UAE-China historical ties are based on strategic partnership and cooperation, and have witnessed great development over the past four decades in all fields, especially economics and trade, which serves the two countries’ development direction and supports the growth and sustainability of their economies.

Abdullah Ahmad Al Saleh_UAE & China bilateral meeting
Abdullah Ahmad Al Saleh

“The mutual investments between the two countries are witnessing continuous growth in various economic and commercial sectors, most notably real estate, logistical transportation, storage, financial services, insurance activities, manufacturing and information technology. Bilateral investments between the UAE and China reached nearly $12 billion early In 2021. China is also the third-largest foreign investor in the UAE at the global level, with a balance of foreign direct investments that amounted to $9.3 billion until the beginning of 2021, and achieved a growth of 514.5 percent compared to the beginning of 2013.”

The UAE is China’s first Arab and Gulf trade partner in 2021. China is also the UAE’s first trade partner, as the value of non-oil intra-trade between the two countries amounted to more than $72 billion in 2022, achieving a growth of 18 percent compared to $61 billion in 2021.

The Under-Secretary of the Ministry of Economy briefed the Chinese side on the economic policies adopted by the UAE to enable and enhance the competitiveness of the investment environment and its growth, including providing incentives and supportive enablers to encourage the private sector to invest and expand in the country’s markets, amending the Commercial Companies Law, which allowed 100 percent foreign ownership, and supporting the increase of labor mobility and modernizing residency systems in the country.

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