x Abu Dhabi, UAESunday 23 July 2017

Strong foundation for bilateral co-operation

Yi Huiman, the senior executive vice president of Industrial and Commercial Bank of China, says there is a strong foundation for bilateral co-operation between the UAE and China.

Yi Huiman, the senior executive vice president of Industrial and Commercial Bank of China q Why are opportunities for Chinese companies increasing in the UAE? a There are two things that should be noticed: firstly, how Abu Dhabi is transforming its oil-based economy into a [more diverse economy]; secondly, how it is changing from western-oriented to being more focused on the East. In these transitions, it will show more interest in China.

What is the significance of the 2030 plan? In infrastructure. Abu Dhabi has a financial surplus, therefore it has its own strong capability to invest in infrastructure building. Based on China's reform and opening up there are a lot of things that can be transferred. Abu Dhabi will invest heavily in public infrastructure such as the highways, railway, airport, port, water conservancy, power and telecommunications in which China has accumulated abundant strengths and expertise.

Is there any one sector you would single out as being significant? For example, in high-speed railway, how to introduce these technologies to the UAE and Abu Dhabi, and in the construction of the railways there will be great opportunities for financing and other interests. I am sure there's a position for us [in] how to facilitate Chinese enterprise and attract investment in these areas.

How could ties in the petrochemical industries be strengthened? I think China and the Middle East have a strong basis for co-operation and the Middle East is an expanding market for China. The Chinese oil companies have a strong capability to expand overseas and contribute to these markets. business@thenational.ae