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The UAE and China’s Hainan Province have signed agreements in four key areas, further strengthening trade cooperation between the two countries.
The UAE Ministry of Economy said in a statement on Friday that the agreements signed on technology, logistics, services and free zones will promote rapidly expanding trade and investment relations between the UAE and Chinese provinces.
According to the ministry, bilateral non-oil trade between the UAE and Hainan will reach US$900 million by 2022.
“Bilateral trade and investment flows between the UAE and Hainan not only continue to deepen, but also become more diversified. The agreement we have reached reflects the growing synergies between our two booming economies,” said Sani, Minister of State for Foreign Trade Dr. Alzeyoudi said at a Hainan Province promotion conference in Dubai.
“Our shared belief in rules-based trade and the continued development of world-class logistics infrastructure provide the ideal platform to accelerate our trading relationship and secure vital east-west supply chains.”
China is the UAE’s largest global trading partner, with non-oil trade between the two countries set to exceed Dh264.2 billion ($72 billion) by 2022, according to official data. The two countries expect bilateral trade volume to reach US$200 billion in 2030.
China is also the third largest foreign investor in the UAE, with a foreign direct investment balance of AED 34 billion in 2021.
Last month, the UAE joined the BRICS grouping of countries including Brazil, Russia, India, China and South Africa. The group invited the United Arab Emirates, Saudi Arabia, Egypt, Iran, Ethiopia and Argentina to join.
The latest agreements between the UAE and Hainan Province include a preliminary agreement between Ajlan and Bros, Hainan Airlines and the Yangpu Economic Development Zone Management Committee; a cooperation framework agreement between the Dubai Comprehensive Economic Zone and Hainan Airport Infrastructure; Global strategic partnership between Fusion Specialized Shipping and Logistics, Hainan GLA and Hainan Logistics Group; UAS International Travel supports the signing of a strategic cooperation agreement with the Hainan Provincial International Economic Development Bureau.
In 2022, the UAE’s exports to Hainan will exceed US$653 million, a growth of 98.2%. Meanwhile, imports rose 110.6% to $258 million, the ministry statement said.
We are willing to work hand in hand with our UAE partners to jointly build the “Belt and Road” and promote high-quality development. I believe that both sides will achieve fruitful results in areas such as free trade zones, connectivity, finance, trade and other industrial cooperation. Liu Xiaoming, Governor of Hainan Province, said.
At the conference, Dr. Al Zeyoudi invited Hainanese investors to take advantage of the UAE’s vibrant business ecosystem, which includes “the provision of 100% foreign ownership, light regulations and fast set-up processes.”
He also promoted the country’s unparalleled access to global markets, some of which have been enhanced through the UAE’s Comprehensive Economic Partnership Agreement program.
Updated: September 15, 2023 6:04 pm
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