UAE and Chinese province sign deals to enhance cooperation

The UAE and China’s Hainan Province have signed four major private-sector agreements aimed at boosting the rapidly expanding bilateral trade and investment ties.

The signing ceremony took place during the Hainan Promotion Conference in Dubai, and was attended by Dr Thani Bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, and Liu Xiaoming, Governor of Hainan Province.

The agreements between the UAE and Hainan include: A Memorandum of Understanding between Ajlan & Bros Holding, Hainan Airlines H`olding and Yangpu Economic Development Zone Management Committee, which was signed by Edison Gao, China-based Vice President of Ajlan & Bros Holding, Ding Yongzheng, Chairman of the Executive Board of Hainan Airlines Holding and Chen Yang, Mayor of Danzhou Municipality.

A Cooperation Framework Agreement between Dubai Integrated Economic Zones (DIEZ) and Hainan Airport Infrastructure Co Ltd., signed by Dr. Mohammed Al Zarooni, Executive Chairman of DIEZ, and Yang Xiaobin, Chairman at Hainan Airport Infrastructure Co Ltd.

A Global Strategic Partnership between Fusion Specialised Shipping and Logistics LLC, Hainan GLA, and Hainan Logistics Group, signed by Thomas Gregory, CEO of Fusion shipping Worldwide, Sun Wenfang, President of Hainan GLA, and Liu Hairong, Chairman of Hainan Logistics Group.

A Strategic Cooperation Agreement between UAS International Trip Support and Hainan Provincial Bureau of International Economic Development (IEDB), signed by Mohammed Husary, Executive Chairman of UAS International Trip Support and Yang Shanhua, Deputy Director of Hainan IEDB.

Jointly organised by the UAE International Investors Council, the Department of Commerce of Hainan Province and the Hainan Provincial Bureau of International Economic Development, the Hainan Promotion Conference gathers business executives, trade promotion agencies and business associations from both the UAE and Hainan Province to present the most promising trade, investment and joint-venture opportunities.

In his welcoming address, Dr Thani Al Zeyoudi invited investors from Hainan to take advantage of the UAE’s dynamic business ecosystem, including its offering of 100 percent foreign ownership, light-touch regulation, and fast-track setup processes. He also promoted the country’s unrivalled access to global markets, several of which have been enhanced by the UAE’s Comprehensive Economic Partnership Agreement programme.

Al Zeyoudi highlighted the growing relationship between Hainan and the UAE, which has resulted in bilateral non-oil trade more than doubling in 2022 to reach $900 million. The UAE’s exports to Hainan surpassed $653 million in 2022, representing a growth of 98.2 percent. Imports, meanwhile, climbed 110.6 percent to reach $258 million.

He noted, “Bilateral trade and investment flows between the UAE and Hainan Province continue to not only deepen but also diversify. The Hainan Promotion Conference in Dubai, and the agreements we have concluded, reflect the growing synergies that exist between our two thriving economies. Our shared belief in rules-based trade and the ongoing development of world-class logistics infrastructure provide the ideal platform to accelerate our trading relationship and secure vital East-West supply chains.”

For his part, Liu Xiaoming said, “Last month, the UAE joined the BRICS group, and next year our nations will celebrate the 40th anniversary of diplomatic relations. Under the guidance of our heads of state, it is such a pleasure to be able to meet with Dr. Thani to discuss and further deepen the pragmatic collaborations between Hainan and the UAE.

“We wish to join hands with our UAE partners to promote high-quality development while engaging in the Belt and Road initiative. I believe that together will accomplish fruitful outcomes in areas such as free-zones, connectivity, finance, trade and other industrial cooperation.”

Others in attendance at the Hainan Promotion event represented leading Middle Eastern and Hainan private sector entities spanning trade, logistics, investment, real estate, finance and public affairs sectors.

Earlier on Thursday, Abdullah Bin Touq Al Marri, Minister of Economy, stressed that the UAE and China share strong strategic relations, which have witnessed continuous development in various fields and sectors.

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

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

The UAE is the preferred 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 its ports, logistics centres, and free trade zones, which facilitate smooth trade and communication with different countries worldwide, he further added.