The United Arab Emirates (UAE) has solidified its position as a major economic force in regional and global development through visionary leadership, a strategic location, and a favorable business climate.
This prominence is particularly evident in the UAE’s robust support for China’s Belt and Road Initiative (BRI), launched by President Xi Jinping in 2013.
As the BRI’s ninth summit approaches, set to take place in Hong Kong on September 11-12 under the theme "Building a Connected, Innovative and Green Belt and Road," the UAE’s significant contributions highlight its commitment to economic development and international cooperation. The UAE’s involvement includes a US$10 billion investment in the UAE-China Joint Investment Cooperation Fund and the signing of 13 memorandums of understanding (MoUs) in 2018.
In the first half of 2023, UAE’s non-oil trade with BRI countries reached US$305 billion, representing 90% of its non-oil trade and marking a 13% increase from the previous year. The UAE’s trade with BRI nations includes 88% of its imports and 94% of its non-oil exports, with 92% of re-exports directed to these countries. The initiative, aimed at connecting Asia, Europe, and Africa through land and maritime routes, underscores the UAE’s strategic role in its success.
The UAE and China are celebrating 40 years of diplomatic relations, with China being the UAE’s top global trading partner. In the first half of 2024, trade between the two countries reached US$50.108 billion, with a target of US$200 billion by 2030. UAE’s investments in China total US$11.9 billion, while Chinese investments in the UAE amount to US$7.7 billion.
Relations with Hong Kong, a crucial player in the BRI, are equally significant. In 2022, UAE’s non-oil trade with Hong Kong hit US$12 billion, with Foreign Direct Investment (FDI) from Hong Kong reaching US$2.1 billion. This economic synergy highlights the UAE’s vital role in connecting global markets and fostering international cooperation.
The UAE’s proactive engagement in the BRI, alongside its strategic ties with China and Hong Kong, reflects its dedication to sustainable economic growth and a more interconnected world.
News Source: Emirates News Agency
