During the meeting of the eighth session of the Joint Economic, Commercial and Technical Committee, the governments of the UAE and China agreed to enhance cooperation in a number of sectors of common interest, especially the new economy, entrepreneurship, technology, tourism, small and medium enterprises, energy and renewable energy, agriculture, Aviation, logistical transport, infrastructure, and industry, in a way that enhances the sustainable development of the economies of the two countries.
The committee meeting was chaired by the Minister of Economy, Abdullah bin Touq Al Marri, and the Chinese Minister of Commerce, Wang Wentao.
Increasing growth
The Minister of Economy, Abdullah bin Touq Al Marri, said: “Economic cooperation is witnessing increasing growth between the two countries, as the number of Chinese economic licenses in the UAE has reached more than 14.5 thousand licenses, and China is also the third largest source of foreign direct investment flows to the UAE, with a value of $6.3 billion. “With bilateral investment between the two countries increasing in recent years, reaching a record level of $15 billion in 2022.”
Bin Touq continued: “The total number of Chinese tourists reached more than one million visitors in the first 10 months of 2023, and the number of Chinese in the UAE reaches about 350,000, and more than 210 flights are organized monthly between the two countries via the UAE’s national airlines.” ».
Bin Touq called on the Chinese business community to benefit from the advantages and capabilities offered by the UAE business environment, which was developed in accordance with the best international practices, as it has become the ideal environment for conducting business and economic activities and the most competitive at the regional and global levels, as it was characterized by flexible economic policies and legislation, which contributed to strengthening The UAE’s position as a leading economic destination, and its recording of the second highest increase in the number of new foreign investment projects around the world in 2023, and the number of companies operating in the country reached more than 788 thousand companies by the end of 2023.
He stressed the UAE’s keenness to continue supporting the Belt and Road Initiative, as an active partner of this initiative since its launch in 2013, through its development potential, strategic location, and pioneering economic role in the region, as the UAE pumped $10 billion into a joint Chinese-Emirati investment fund. To support the initiative’s projects in East Africa.
For his part, Chinese Minister of Commerce, Wang Wentao, confirmed that the comprehensive strategic partnership between China and the UAE is moving forward towards a new phase of growth and prosperity, noting that this year marks the 40th anniversary of the establishment of diplomatic relations between the two countries.
He appreciated the efforts of the UAE in supporting the “Belt and Road” initiative, as the joint work between the two sides is witnessing continuous development in this regard, in a way that supports the strength and durability of bilateral relations between the two countries.
Meeting topics
The committee witnessed the signing of a memorandum of understanding between the Ministry of Economy and the Chinese Ministry of Commerce, regarding enhancing the growth of the digital economy in the UAE and Chinese markets, and developing investment opportunities in the fields of digital infrastructure, artificial intelligence, and advanced technological applications.
The two sides agreed on the importance of continuing joint efforts to explore more economic cooperation opportunities in priority sectors at the governmental and private levels, and to provide all means of support to exporters and importers in the markets of the two countries, in a way that contributes to facilitating and increasing the exchange and diversification of goods and services. The two parties also expressed their desire to provide new programs. To support emerging companies in the markets of both countries in the sectors of financial technology, health care, advanced solutions, and innovative technologies, in addition to encouraging small and medium enterprise owners and entrepreneurs to expand into new economy sectors.
The two sides discussed enhancing joint work in sustainable sectors, especially the clean energy and smart transportation solutions sectors, with the possibility of establishing joint projects. They stressed the importance of holding joint exhibitions and tourism events during the coming period.
2024-02-27 08:38:27
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