UAE supports Belt and Road Initiative: Economy Minister

The UAE and China share strong strategic ties that have seen continuous growth in various fields and sectors, Minister of Economy Abdullah bin Duq Al Marri emphasized.

In his statements to the Emirates News Agency (WAM), Al Marri said China is the UAE’s largest trading partner, Beijing’s largest partner in the Middle East and North Africa, and overtakes the US in non-oil trade. $77 billion in 2022, compared to $61 billion in 2021, an annual growth of 27 percent.

China is the third largest source of foreign direct investment (FDI), totaling $6.3 billion, with bilateral investment between the two countries rising to a record high of $15 billion by 2022 in recent years, he added.

The UAE is a desirable destination for Chinese companies interested in expanding into Gulf Cooperation Council (GCC) countries, the Middle East and North Africa due to its world-class infrastructure, including ports, logistics centers and free trade zones. Smooth trade and interaction with various countries around the world, he added.

Collaborations with Chinese companies such as Huawei, Lenovo, Xiaomi, JD.co, ByteDance and NIO contribute to the digital transformation and growth of the UAE’s technology sector and drive innovation and entrepreneurship.

Al Marri also affirmed the UAE’s support for the Belt and Road Initiative, which aims to achieve shared prosperity and economic growth, from the country’s strategic standpoint, promoting cooperation between the initiative and Middle Eastern countries through knowledge exchange and capacity building.

The UAE’s non-oil trade with Hong Kong is expected to reach $12 billion by 2022, a growth of nearly 50 percent over the past 10 years. FDI from Hong Kong in the UAE totaled $2.1 billion, mainly in the retail and automotive sectors at 73 percent, manufacturing at 19 percent, and transportation and storage at 5 percent, he added.

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Commenting on the UAE’s successful accession to the BRICS group, Al Marri said the membership is international recognition for its positive and important role in the fields of trade, investment, international cooperation and economic diplomacy over the years and reflects the country’s growing role regionally. and internationally, as demonstrated by its active participation in the United Nations (UN) organization and the G20, and more recently, its full membership in the BRICS grouping.

Regarding the UAE’s preparation to host COP28, Al Marri said climate change is one of humanity’s most pressing challenges this century and the UAE believes in pluralism and international solutions to global issues.

Zhang Jun, China’s Permanent Representative to the UN, affirmed his country’s support for the UAE hosting COP28, and believes he is willing to work with all parties to achieve a fair and equitable transitional process and promote international cooperation. The mutual interests of all highlight the UAE’s efforts to establish a strong green partnership with China.

He further noted that China’s experience in developing practical and commercially viable clean technologies is critical to the world’s mitigation plans, especially in developing countries, where China and other key countries can play a key role in ensuring that the climate crisis is addressed fairly and efficiently. in various areas including finance, technology transfer and capacity building.

He pointed out that the private sectors in both countries are joining efforts to achieve green transition through the Green Technology Fund (GTF) jointly launched by Mensha Ventures and the ASEAN Development and Investment Bank. sector in GCC countries.

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