UAE-China Business Forum explores strategies to enhance trade

The Chinese delegation at the Forum was led by Li Qiang, Premier of the State Council of the People's Republic of China.

The event, organised by Dubai Chambers, and the China Chamber of Commerce for Import and Export of Machinery and Electronic Products (CCCME), was hosted by the Ministry of Economy of the UAE, and the Ministry of Commerce of the People’s Republic of China.

The Forum brought together businessmen and investors from the UAE and China to discuss ways to enhance economic and trade relations and boost mutual investments involving business communities in both countries.

The event coincides with celebrations to mark the 40th anniversary of the establishment of diplomatic relations between the UAE and the People's Republic of China.

Abdullah bin Touq Al Marri, Minister of Economy, said that the UAE and China share a historical and strategic relationship characterised by the building of closer cooperation across all areas, particularly in the economic and investment sectors.

He attributed the strength and vitality of bilateral relations to the shared commitment of both leaderships to advancing them through constructive cooperation, promoting mutual investments, and enhancing the growth of Emirati and Chinese companies operating in both markets.

During his speech at the Forum, Bin Touq said, “We consider the Chinese business community a key economic partner of the UAE’s business sector. The total number of Chinese businesses operating in the UAE's markets has reached around 15,500 so far. We are confident that the shared visions and strategies to expand cooperation into new economic sectors will further strengthen and advance our economic and investment relations.”

He noted, “The UAE-China Business and Investment Forum is an important platform for advancing bilateral economic and investment cooperation, supporting joint efforts to develop more fruitful partnerships and agreements at the governmental and private sector levels. The platform contributes to enhancing the ability of Emirati and Chinese companies to benefit from the diverse economic and investment opportunities in the markets of the two countries, particularly as the UAE and China boast promising economic fundamentals and strategic geographical locations that enable access to strategic markets in Asia, Africa and Europe.”

Bin Touq elaborated on the UAE's new economic model and its role in supporting the economic goals of the ‘We the UAE 2031’ vision and discussed the advancements in the country's legislative and economic landscape. These include the introduction of new legislation and policies that have increased the UAE’s attractiveness for foreign direct investments. These measures have strengthened the competitiveness of the national economy at both regional and global levels and improved its overall attractiveness.

Within this context, Bin Touq invited Chinese companies to leverage the available opportunities in the UAE’s business environment and expand their presence across various key sectors, including tourism, aviation, circular economy, FinTech, e-commerce, infrastructure, Artificial Intelligence (AI), healthcare, smart transportation, and sustainable manufacturing.

Furthermore, he highlighted that the tourism industry serves as a key pillar of economic cooperation between the two countries, having witnessed continued growth across all its sub-sectors.

The total number of Chinese visitors to the UAE stood at around 1.2 million in 2023, marking a remarkable growth of 213 percent compared to 382,206 tourists in 2022. There are currently 44 flights operated by the UAE’s national carriers connecting the two countries every week.

In his opening address, Abdul Aziz Abdulla Al Ghurair, Chairman of Dubai Chambers, highlighted that China’s status as the UAE’s top trading partner speaks volumes about the thriving relations between the two nations.

He emphasised that, considering the growing importance of the Chinese market and its strategic partnership role, the Dubai International Chamber has established three overseas offices in China – located in Shanghai, Shenzhen, and Hong Kong – representing the highest number of offices in a single country. These offices serve as vital gateways to enhance investment opportunities and facilitate mutually beneficial trade exchanges.

Al Ghurair stated, “Our commitment at Dubai Chambers to supporting the Chinese business community is unwavering. Last month, we were delighted to organise the Dubai Business Forum in Beijing, attended by 800 investors and entrepreneurs representing both nations. This forum underscores our vision of China as a crucial strategic partner in our future initiatives.”

Al Ghurair concluded his address by noting, “As a testament to the strength of our bilateral relations, the total number of active Chinese member companies registered as members of Dubai Chamber of Commerce reached 5,480 by the end of August, out of which 1,004 new Chinese companies joining during the first eight months of this year.”

The Forum witnessed four panel discussions featuring 20 speakers, including officials and business leaders from both the UAE and China. Mohammad Ali Rashed Lootah, President and CEO of Dubai Chambers, delivered the welcome address. The sessions focused on the role of sovereign wealth funds in developing joint investments and projects, as well as the importance of strengthening partnership frameworks within the energy sector. Opportunities to enhance cross-investment and trade were also closely evaluated.

Additionally, the discussions showcased successful Dubai-based companies that have expanded their operations and partnerships in China, alongside Chinese firms that have capitalised on the business growth opportunities available in the emirate.

The event builds on the strong momentum achieved during the Dubai Business Forum – China, which was successfully organised by Dubai Chambers in August. The inaugural international edition of the Dubai Business Forum was held in Beijing and attracted 800 prominent Chinese business leaders, investors, and officials, as well as a high-level delegation from Dubai featuring representatives from key government entities and the private sector. Participants explored the diverse opportunities arising for Chinese businesses and investors as a direct result of the Dubai D33 agenda.