UAE-China Business Forum Wraps Up with Ambitious $200 Billion Trade Target

Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, held constructive talks with the Commerce Minister of the People's Republic of China, Wang Wentao, over high-growth sectors on the closing day of the UAE-China Business and Investment Forum, which took place during the two-day state visit by President His Highness Sheikh Mohamed bin Zayed Al Nahyan to the People's Republic of China.

During the forum, 12 agreements and memorandums of understanding were signed and exchanged between Emirati and Chinese companies and entities in a wide range of priority areas such as aluminium, communications, iron and steel, financial services, aviation, free zones, industry, and others.

Alsuwaidi highlighted China's growing investments in the UAE, which rose 16 percent in 2023 to US$1.3 billion, accounting for 60 percent of the total value of China's investments in Arab countries.

Meanwhile, Dr. Al Zeyoudi said that UAE-China non-oil trade value, which reached $81 billion in 2023, is expected to surpass $200 billion by 2023.

More than 70 participants participated in the forum from the Emirati side, including senior government officials from federal and local entities, in addition to representatives of a number of major Emirati companies operating in various sectors, including logistics services, industry, energy, technology, health care, environment, agriculture, food security, and financial services.

Discussions during the forum included exploring promising opportunities in sectors expected to achieve significant growth, with a particular focus on information and communications technology, manufacturing, financial services, logistics, and energy.

The forum was held as part of the agenda of events organised to mark the 40th anniversary of the establishment of diplomatic relations between China and the UAE.

News Source: Emirates News Agency