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UAE Freezones Biz News Updates
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Ministry of Economy showcases UAE's trade and investment opportunities at
5thChina-Eurasia Expo
Abdullah Al Saleh: 'UAE is a trade gateway for Chinese businesses and
investments to the region'
UAE accounts for quarter of Arab textile trade at USD 15 million in 2015
H.E. Abdullah Bin Ahmed Al Saleh, Undersecretary of the Ministry of Economy
for Foreign Trade and Industry, has emphasized the UAE's role as a major
trade gateway for Chinese businesses and investments coming into the region
and expanding towards various European and African markets. He pointed out
the solid economic relations with China, which the UAE considers its second
largest trading partner.
The statement was made during a speech delivered by H.E. Al Saleh today
(Wednesday, September 21, 2016) during his participation in the 5th
China-Eurasia Expo which began yesterday and will run for six days until the
25th in the city of Urumqi, the Capital of China's Xinjiang Province. The
Undersecretary spoke during a forum on investment and trade development
opportunities offered by countries involved in the 'Belt and Road' which
focused on the textile and clothing sectors in particular.
H.E. said that the volume of exchange between the UAE and China including
oil and free zone trade stood at around USD 54.8 billion in 2015,
representing a 16 per cent annual increase over the past six years. He added
that China topped the list of Dubai's trading partners at a value of
approximately USD 1.2 billion during the first quarter of 2016.
H.E. Al Saleh explained that the UAE recognizes the important role of the
textile industry in supporting the UAE's economic growth and non-oil trade,
providing job opportunities and increasing foreign currency earnings. He
shared that the UAE's total textile trade was at around USD 15 billion in
2015 to top all Arab countries. The figure accounted for about 25 per cent
of total Arab textile trade last year, with the UAE ranking 11th globally in
textile imports with a 2.3 per cent share of total worldwide imports.
He further noted the importance of cooperating with China in this sector, as
it exports a third of the world's textiles. China is the largest provider of
such goods to the UAE, accounting for as much as 36.6 percent of the state's
total fabric imports. He also referred to the important role played by the
Xinjiang region in support of this industry, which provides 60 percent of
the total cotton crops produced by China.
In addition, H.E. Al Saleh said that the UAE is currently focusing on
various other vital economic sectors that support its thrust towards
building a diversified knowledge-based economy in line with UAE Vision 2021
with emphasis on technology, renewable energy, and small- and medium-sized
enterprises.
He further pointed out the importance of modern infrastructure and support
for diverse business and investment activities in the UAE. He said that
major ports and airports are presently undergoing expansion and underscored
the great value of the 36 free zones found across the different emirates,
most importantly the Jebel Ali Free Zone which is located between two major
global logistics hubs, namely Jebel Ali Port, the sixth largest port in the
world, and Al Maktoum International Airport, the largest air cargo airport
in the world.
H.E. Al Saleh emphasized the UAE's full commitment to actively contributing
to the 'Silk Road Economic Belt' and 'Maritime Silk Road' initiatives. He
noted that the country is a founding member of the Asian Infrastructure
Investment Bank (AIIB) which will play a key role in the future of the
initiative which represent a very important step in promoting international
trade and opening up more opportunities for economic cooperation among more
than 60 countries across the Middle East, Asia, Europe and Africa.
Sep 21, 2016
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Courtesy Zawya
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