UAE-Hong Kong Bilateral Trade Grows At 8.2% Every Year

(MENAFN- Khaleej Times) Trade links between the UAE and Hong Kong have strengthened steadily over the past five years, with non-oil trade expanding at an average annual rate of 8.2%, as both economies deepen cooperation across investment, finance and business sectors. The milestone was highlighted this week as the Hong Kong Economic and Trade Office (HKETO) Dubai celebrated its fifth anniversary.

The event in Dubai served as a reminder of the growing role both markets play as gateways to broader regions. Speaking at the gathering, HKETO Dubai Director-General Simon Chan said the office was established in October 2021“with a clear vision to forge a strong connection between Hong Kong and the UAE” and has since helped facilitate exchanges and collaboration between the two economies.

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Chan said the relationship is underpinned by the complementary positions both jurisdictions occupy in global trade and investment.“While Hong Kong and the UAE are both compact in geographic size, they stand tall as the premier trading, investment, and logistics hubs of their respective regions,” he said.

He described the UAE as“Hong Kong's indispensable gateway to the Middle East and Africa”, while positioning Hong Kong as“a seamless connector between the Middle East and both the Chinese Mainland and high-growth Asian markets”.

According to Chan, momentum in the partnership has accelerated since Hong Kong Chief Executive John Lee visited the UAE in 2023 and met His Highness Sheikh Mohammed bin Rashid Al Maktoum at Za'abeel Palace, a visit he said“charted a new era of strategic cooperation between Hong Kong and UAE.”

Trade figures underscore that progress. Chan noted that bilateral non-oil trade between Hong Kong and the UAE has increased by an average of 8.2% annually over the past five years, making the UAE Hong Kong's largest trading partner in the Middle East. He added that Hong Kong is now the UAE's sixth-largest trading partner globally.

The celebration also showcased the broader dimension of the relationship beyond commerce. Organisers highlighted five milestones in Hong Kong-UAE relations covering diplomatic engagement, financial cooperation, trade and people-to-people exchanges.

Guests were entertained by humanoid robots developed by a company with its international research and development headquarters in Hong Kong, reflecting the city's ambitions as an innovation and technology hub. A performance by Hong Kong-based Middle Eastern music ensemble The Saffron blended Arabic and Chinese musical traditions, while traditional Hong Kong food and beverages were served.

The Dubai office was established to strengthen Hong Kong's economic and trade relations across the Gulf, particularly with the six member states of the Gulf Cooperation Council, and officials said the anniversary reflected the growing depth of those regional connections.

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