Dubai South, Shanghai sign deal to support new Belt & Road Initiative - GulfToday

Dubai South, Shanghai sign deals to support new Belt & Road Initiative

Dubai-BIz

Officials during the agreement signing ceremony.

Business Bureau, Gulf Today

Dubai South has made its latest move to strengthen trade relations with leading business and trade organizations based in Shanghai, in support to UAE’s leading efforts to promote the Belt & Road Initiative, a global infrastructure development led by the Chinese Government. It signed two separate Memorandums of Understanding (MOU) with the China Council for the Promotion of International Trade Shanghai (CCPIT Shanghai) and China Chamber of International Commerce Shanghai (CCOIC Shanghai) on Tuesday at the Dubai South headquarters.

Khalifa Al Zaffin, Executive Chairman of the Dubai Aviation City Corporation and Dubai South, signed the agreements while Yu Chen, Vice Chairman of CCPIT and CCOIC Shanghai signed on behalf of the organisations. The MOUs were designed to boost economic relations between Dubai and China aimed at increasing engagement in the multibillion-dollar project Belt & Road Initiative.

Both Chinese trade associations seek to further strengthen and promote economic and trade relations between Dubai and Shanghai through continued engagement aimed towards creating and adopting business opportunities across related enterprises. As part of the agreement, both parties agreed to host and organise exchange visits for trade missions and project study groups for various economic and trade sectors and offer potential key services.

For its part, Dubai South will host various investment and business delegations from China who will be visiting the UAE to explore business opportunities focused on industries such as e-commerce, logistics, supply chain and trading. Dubai South is also expected to offer key support to Chinese companies and guide them through the process of setting up their businesses via a diverse range of business solutions. The agreement further explores the opportunity for CCOIC Shanghai to establish an official Dubai office to serve Chinese businesses operating in the GCC market and the region.

Al Zaffin said: “China continues to enhance its trade and diplomatic ties in the GCC, especially in the UAE considering it is the fifth largest source market for the country. Out of 5,000 Chinese companies in the UAE, 4,000 of them are based in Dubai alone, which represents the strong market ties between Dubai and leading Chinese markets. The set of new agreements aim to promote cooperation initiatives between Dubai and Shanghai and expand investment options for key companies from both cities.”

Zhang Jianwei, Vice Chairman of CCOIC Shanghai and Chairman of Royal Belt DWC, a company based in Dubai South expressed the organisation’s commitment to the agreement. He commented: “We are looking forward to realize the agreements, including the establishment of a representative office of CCOIC Shanghai in Dubai South, and bilaterally promote economic and trade exchanges. These efforts will support our members and other enterprises in Shanghai seeking to invest and develop their businesses in Dubai.”

CCPIT Shanghai has been promoting trade, investment and economic technology cooperation between Shanghai and the world since 1956 and provides services for enterprises in international contact, convention and exhibition, arbitration, authentication, trading consultation and information exchange. Meanwhile CCOIC Shanghai, with over 3000 members, supports companies through an information platform of international business and market conditions. It also provides policy and legal consultations, organizes inbound and outbound exhibitions and trade missions, and provide business related training programs, among others.

Dubai South brought to the spotlight the emirate’s advanced logistics connectivity and innovation among a global network of transport, logistics, mobility, IT and supply chain management companies when it participated at the Transport Logistic Exhibitions in Munich from June 4 to 7, 2019.

It showcased major projects under Dubai South’s Logistics District which provide various business solutions.

Dubai continues to lead globally in terms of attracting foreign direct investments (FDI) as it increased by 41% in 2018, valued at Dhs 38.5 billion considering its pioneering efforts in innovation and digital transformation. From 2015 to 2018, the emirate has attracted a total of $21.6 billion worth of FDI in advanced technology transfers. It also continues to surpass leading economies such as the US, UK and South Korea in the Smart Service Index, having achieved sixth in the global rankings.

Dubai South’s multi model Logistics District provides seamless access to seaports, airports and major roads, reflecting its advanced connectivity and flexibility. It has created various solutions such as ready-to-occupy and built-to-suit options for various types of business operations such warehouses and distribution centers. As well offering various office solutions through its facilities at The Business Park, a complex of 11 modern buildings equipped with state-of-the art amenities just right at the entrance of Dubai South.