The United Arab Emirates (UAE) and China are looking to strengthen their economic relationship, according to a recent business and investment forum held in the UAE. The forum, which took place as part of the 40th anniversary celebration of diplomatic relations between the two countries, brought together business leaders and government officials to discuss opportunities for expanding trade and investment.
One key area of focus was China's growing investment in the UAE. Alsuwaidi, a UAE official, highlighted a 16% increase in Chinese investment in 2023, reaching $1. 3 billion. This figure represents a significant portion, 60%, of all Chinese investments in Arab countries last year.
The forum also underscored the significant growth potential in non-oil trade between the UAE and China. Dr. Al Zeyoudi, another UAE official, pointed to the $81 billion reached in 2023 and expressed ambitious expectations, aiming to surpass $200 billion by the end of this year.
Discussions during the forum went beyond celebrating past achievements. Participants delved into identifying promising sectors for future collaboration. Information and communications technology, manufacturing, financial services, logistics, and energy were all mentioned as areas with high growth potential.
This forum comes at a time of increasing trade between China and the Arab world. China has been actively pursuing economic partnerships in the region, and the UAE has emerged as a key player due to its strategic location and well-developed infrastructure. The UAE's investment in infrastructure projects, such as logistics hubs and free trade zones, has made it a gateway for Chinese goods to reach other markets in the Middle East and Africa.
Both China and the UAE stand to benefit from a deeper economic partnership. China can leverage the UAE's trade routes and business environment to expand its reach in the region. The UAE, on the other hand, can attract significant Chinese investments to fuel its economic diversification efforts and position itself as a regional hub for innovation and technology.
The UAE-China Business and Investment Forum served as a springboard for solidifying the economic ties between the two nations. With a clear focus on boosting trade and investment cooperation, the forum paves the way for a future of stronger economic interdependence between the UAE and China.