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UAE is participating in the first China-Arab States Economic and Trade Forum being held in Ningxia, China and will last until September 30th.
The General Director of Foreign Trade Ministry, Abdullah Ahmed Al Saleh assured in a statement before the forum that the advanced trade relations between UAE and China reflects huge potential for partnership between China and Arab states.
He noted that China is the second biggest trade partner of UAE with Dhs 4.49 billion of non-oil trade, which is 5.7 percent of the total non-oil foreign trade and a large number of Chinese companies are operating in the region (3000 companies). He added that the UAE is contributing by approximately 650 investment projects in China.
He said that the UAE and China share economic diversification strategy, whereas the contribution of non-oil sectors in the country’s GDP has reached 71 percent in 2009 compared to 63 percent in 2008.
Al Saleh presented the components of existing investment in the UAE and the developing investment environment offered for Chinese and international investors in various fields, pointing out that the UAE economy is the second largest Arab economy, whereas it is among the top 20 exporting countries in the world. According to international competitiveness reports and enabling business indicators UAE occupies advanced worldwide locations. Also it is characterized by the absence of taxes, easy repatriation of profits, sophisticated geographical location, natural resources and cheap energy.
On the other hand, Al Saleh met Wang Zhengwei, Acting Governor of Ningxia, and discussed with him cooperative relations between both countries and ways to benefit from available opportunities in different fields. He also praised the decisions to open a college to teach Arabic language in Ningxia and the opening of trade and shipping to UAE.
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