UAE, China discuss stronger economic cooperation, strategic partnership

BEIJING, 7th February, 2015 (WAM) — Dr. Sultan bin Ahmed Sultan Al Jaber, Minister of State, and Chinese officials have discussed ways to promote bilateral cooperation in various spheres as well as their strategic partnership that His Highness General Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, established during his official visit to Beijing in March 2012.

During a two-day visit to China, Minister Al Jaber met with China’s Minister of Foreign Affairs, Wang Yi, and other Chinese officials, in the presence of the UAE Ambassador to China, Omar Ahmed Adi Al Bitar.

During their talks, the two sides explored opportunities for investments in sectors of common interest for the two countries, including energy, technology, infrastructure, transport and logistics.

Al Jaber also held meetings with other senior Chinese officials including Vice Minister of Finance, Shi Yaobin and Chairman of National Development and Reform Commission (NDRC), Hu Zucai, Chairman of China Development Bank (CDB), Hu Huaibang.

Noting that the visit to China was in line with the UAE leadership’s wise policy to strengthen its international cooperation and continuously promoting bilateral relations with fraternal and friendly countries, Minister Al Jaber said that the UAE’s close relations with China are based on a common vision, mutual respect as well as empowering common political, economic and social interests.

“The UAE looks forward to promoting its bilateral relations with China and to discuss the available economic and investment opportunities in various sectors including energy, manufacturing and technology. In light of the high economic growth rates and ambitious development plans in both the UAE and China, there are many spheres for cooperation where the two countries can achieve their common interests and contribute to the global economic growth,” said Minister Al Jaber.

China is one of the UAE’s important trading partners with the total trade between the two countries surging to AED169,67 billion in 2013, up from AED148,27 billion in 2012.

Non-oil trade between the UAE and China reached around US$19,2 billion in 2013.

The two countries signed a double-taxation agreement on 1 July, 1993. The agreement was ratified in 1994.

The UAE’s investments in China reached US$1.5 billion in 2013, while Chinese investments in the UAE in the same year stood at US$2.1 billion.

Emirati companies and businesspeople have 650 projects in China, while the UAE is now the biggest market of Chinese products in the Middle East, with 4,200 registered Chinese companies operating in the UAE.

The Chinese economy grew 7.4 percent in the fourth quarter of 2014, according to figures released by China’s National Bureau of Statistics.