23 Jul 2019
The UAE and China saw their non-oil trade reach $43 billion last year, which according to UAE Economy Minister Sultan bin Saeed Al Mansouri, made up 9.7% of the UAE’s total non-oil trade globally. – thenational.ae reports.
China and the UAE have seen their trade ties expand recently, with the two countries having signed 13 cooperation agreements and memorandums of understanding during Chinese President Xi Jinping's July visit to the UAE.
The minister went on to point out that China accounts for 27% of the UAE’s imports from Asia. Additionally, it is also responsible for 16% of the UAE’s non-oil trade from Asia, while the UAE accounts for the greatest amount of Chinese goods in the Arab world, making up 29% of exports in the region.
The two countries are to further boost their relations across a range of sectors, such as renewable energy, the knowledge economy, small- and medium-sized projects, and major infrastructure and logistics services schemes that form part of the Belt and Road Initiative.
Mr Al Mansouri said, “There are many bilateral cooperation agreements signed by our countries to consolidate our comprehensive strategic partnership. The UAE has a strong investment environment in terms of available investment opportunities, strategic location, and security and stability. It is also a developed country in terms of infrastructure, services, flexible laws and ease of practicing business.”
He went on to note that the mentioned points have led Chinese companies and investors to explore the market in the second-largest Arab economy.
As it stands, there are more than 4,000 Chinese companies in the UAE, and 327 Chinese trade agencies. There are also around 6,600 Chinese trademarks in the UAE and four key Chinese banks have established branches in the UAE.
Furthermore, several major UAE companies have already opened a premise in China.