UAE's non-oil exports to China reached $43bn in 2018
China is the source of 27% of the UAE’s imports from Asia, Minister of Economy says
Non-oil trade between the UAE and China reached $43 billion (Dh157.9bn) last year, accounting for 9.7 per cent of the UAE’s total non-oil trade globally, the UAE Economy Minister Sultan bin Saeed Al Mansouri said on Monday.
The world’s second-biggest economy, which also accounted for 16 per cent of the UAE’s non-oil trade among Asian countries, has a growing two-way trade relationship with the UAE, the minister said in an interview with state news agency Wam. China is the source of 27 per cent of the UAE’s imports from Asia. The Emirates is also the biggest recipient of Chinese goods in the Arab world, accounting for 29 per cent of exports in the region, he noted.
Mr Al Mansouri is currently touring China as part of a UAE ministerial delegation accompanying Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, on a state visit.
The two countries will see further strengthening of relations in key areas that serve their development agendas including renewable energy, the knowledge economy, small- and medium-sized projects, and major infrastructure and logistics services schemes being implemented as part of the Belt and Road Initiative – a Chinese government initiative to connect the country with the Middle East and Africa, he said.
"There are many bilateral cooperation agreements signed by our countries to consolidate our comprehensive strategic partnership,” Mr Al Mansouri said. "The UAE has a strong investment environment in terms of available investment opportunities, strategic location, and security and stability. It is also a developed country in terms of infrastructure, services, flexible laws and ease of practicing business,” he noted.
All these factors put together have encouraged Chinese companies and investors to establish their presence in the UAE, the second-largest Arab economy, he added.
The UAE currently hosts over 4,000 Chinese companies, 327 Chinese trade agencies. Around 6,600 Chinese trademarks have been registered in the UAE, and four leading Chinese banks have already opened branches in the Emirates.
China and the UAE have sought to further strengthen their economic and financial ties over the past few years. During Chinese President Xi Jinping's July visit to the UAE, the two sides signed 13 cooperation agreements and memorandums of understanding.
A number of UAE companies such as Abu Dhabi National Oil Company, Mubadala Investment Company, Borouge, Emirates Global Aluminium, Emaar Properties, DP World, dnata and the Union National Bank are already present in China, he said.
China is currently the seventh largest international investor in the UAE, with Chinese direct investments at the end of 2017 amounting to $4.6bn. Direct Chinese investments in the UAE from 2013 to 2017 rose by 276 per cent, according to Wam, which did not give figures for 2018.
Updated: July 22, 2019 05:22 PM