(MENAFN- Emirates News Agency (WAM))
ABU DHABI, 25th September, 2017 (WAM) -- Juma Mohamed Al Kait, Assistant Under-Secretary of the Foreign Trade Sector at the Ministry of Economy, drew attention to UAE-Chinese relations that continue to witness significant developments, especially in the trade and investment sectors, as 60 percent of China's trade to Africa and Europe passes through the UAE while the value of their trade exchange is expected to reach US$50 billion by 2020.
In his statements that were made today, Al Kait said that the UAE's hosting of the fifth edition of the China Trade Week confirms that it has become the major centre of trade in the region while also promoting China's position as one of its primary trading partners since 2016, with the value of their total trade exchange reaching over $46 billion during that year.
Al Kait added that the UAE was among the first countries to support the "One Belt One Road Initiative" launched by China three years ago, and has contributed to China's efforts to promote economic and trade activity across over 60 Asian and European countries, which will represent the new silk road and its economic belt countries.
He explained that the Ministry of Economy is also supporting the China Trade Week - UAE 2017, one of the activities of the One Belt One Road Initiative, as an opportunity to confirm the UAE's support for this major initiative while promoting further cooperation between the two countries.
The opening ceremony was attended Lin Yado, Commercial Attache of the Embassy of the People's Republic of China to the UAE, as well as several other officials.
Lin Yado indicated that the rapid increase in Chinese investments in the UAE is due to the participation of Chinese companies in vital Emirati projects in innovative investments since the start of 2016, including the Hasyan Clean Coal Station in Dubai and the management project for Port No. 2 at Khalifa Port in Abu Dhabi.
He added that during the first part of 2017, Chinese companies also contributed to many investment projects, such as an oil square in Abu Dhabi, the Al Noor Solar Energy Plant in Suwaihan and the Chinese Industrial Park in the Khalifieh Industrial Area. These companies will also continue to increase the level of Chinese direct investments in the UAE during the second part of 2017, he continued.
Yado said that greater numbers of Chinese companies will continue investing and establishing regional headquarters in the UAE, due to its attractive investment environment and its hosting of Expo 2020 Dubai while highlighting his country's desire to promote its partnership with the UAE.
WAM/Nour Salman
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.