In compliance with the UAE government’s quest to enhance the economic relations between UAE and China, a Dubai Economic Council (DEC) delegation headed by HE Hani Al Hamli, DEC Secretary General, recently concluded an official visit to China.
The delegation met a number of high-ranking Chinese decision-making officials, and visited strategic studies centers and academic institutions. Those include, among others: China Council for the Promotion of International Trade (CCPIT), People’s Bank of China, China Economic & Social Council, Development Research Center of the State Council, and China Center for Economic Research.
Al Hamli stated that relations between UAE and China have gained significant importance. China today is the largest exporter in the world. Additionally, since the beginning of its reforms in 1979, the Chinese economy has witnessed continuous developments in several sectors, particularly in industry and trade.
He also highlighted the potential factors of strategic integration between UAE and China in various aspects. “The ongoing economic relations between the two countries, particularly in terms of MOUs and agreements signed between them over the last years, in addition to growing trade, all these require a shift in their relations from merely ‘cooperation’ to ‘partnership’. This would frame and enhance their relations in the future, Al Hamli said.
Al Hamli added that there are huge opportunities for Chinese investment in the UAE, especially in the energy sector. “What is required at this stage is to promote those opportunities through an enhanced collaboration between the UAE and Chinese business community,” Al Hamli said.
Al Hamli highlighted the key developments of the UAE and Dubai economy, and underlined the fact that the UAE ranks 25th on global competitiveness. He also said that while the country’s GDP has hit Dh1 trillion, the contribution of oil to GDP has decreased from 71 per cent in the early of 1970s to 29 per cent in 2010, while the share of non-oil sectors, including manufacturing and services has increased.
Regarding Dubai, Al Hamli said that the remarkable economic growth of the city is a result of the unique vision of Dubai government towards enhanced competitiveness advantage in the global economy. Al Hamli said “the modern and strong infrastructure of Dubai turns to be a network and vehicle to regional integration with the rest GCC state members and many countries worldwide. In FDI context, Al Hamli pointed out that Dubai becomes a hub of the largest companies operating in various sectors.