Ministry of Economy showcases UAE trade and investment opportunities at 5th China-Eurasia Expo
Date
9/21/2016 8:36:10 AM
(MENAFN- Emirates News Agency (WAM))
ABU DHABI, 21st September, 2016 (WAM) -- The UAE is a major trade gateway for Chinese business and investments into the region, expanding towards various markets in Europe and Africa, said Abdullah bin Ahmed Al Saleh, Under-Secretary of the Ministry of Economy for Foreign Trade and Industry, while participating in the 5th China-Eurasia Expo.
Referring to the UAE's solid economic relations with China, considered its second largest trading partner, the Under-Secretary emphasised the importance of cooperating with China, especially in the textile and clothing industry.
In a speech made today during an investment and trade opportunities forum which focused on the textile sector, Abdullah Al Saleh said that the UAE recognises 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.
The forum was held as part of activities of the 5th China-Eurasia Expo being held in the city of Urumqi, the capital of China's Xinjiang Province, until September 25th.
Abdullah Al Saleh noted that the UAE topped all Arab countries in its total textile trade which almost reached US$15 billion in 2015. The figure, he said, accounted for about 25 percent of total Arab textile trade last year, with the UAE ranking 11th globally in textile imports with a 2.3 percent share of total worldwide imports.
The Under-Secretary said that the volume of exchange between the UAE and China, including oil and free zone trade, stood at around US$54.8 billion in 2015, representing a 16 percent annual increase over the past six years. He added that China topped the list of Dubai's trading partners at a value of approximately US$1.2 billion during the first quarter of 2016.
He went on to stress the importance of cooperating with China in this sector, especially since 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 country's total fabric imports," he said. 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, 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 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.
Al Saleh concluded by emphasising the UAE's full commitment to actively contribute 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.
WAM/Rasha/Moran