(MENAFN) The UAE's Ministry of Economy said that it is looking to set up a joint investment fund with the government of China, which will be focused on investing in clean energy since it is an area of mutual interest to both the UAE and China, Gulf Business reported.
The Ministry though did not specify if the fund will focus its joint investments in developing the UAE's clean energy sector, which the government has been focusing on as part of its diversifying energy sources plan, or will focus on other parts of the world.
"Both countries have enough liquidity and they also have some of the largest sovereign wealth funds in the world. We need to inject this liquidity to finance more projects," The UAE Minister of Economy said.
Trade between China and the UAE has been growing rapidly, reaching USD46 billion in 2013, which is an increase by 14 percent compared with 2012, as well as increasing by 25 percent during the January-September period of this year as it reached USD35 billion.
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