DP World, UAE Region Aims to Strengthen UAE-China Trade Ties
DP World, UAE Region the leading enabler of smart trade highlighted its strategic support and partnership to Chinese companies with the aim of boosting trade between the UAE and China.
The smart trade enabler hosted a webinar in partnership with the Chinese Business Council in the UAE to discuss business opportunities for Chinese companies in the MENA region under the Belt & Road Initiative (BRI).
In his opening speech Abdulla Bin Damithan, CEO & Managing Director, DP World - UAE Region and Jafza shed light on how Dubai is a gateway for Chinese exporters, allowing access to four billion customers.
H.E. Li Xuhang, Consul General of the People’s Republic of China in Dubai gave insights on bilateral strategic relations, while Zhenwei He, Secretary General of China Overseas Development Association highlighted the China-UAE economic and trade outlook.
In alignment with their goal of augmenting UAE-China trade, DP World in partnership with Zhejiang China Commodity City Group (CCC) recently launched the Yiwu Market as part of the first phase of Dubai Traders Market, located in the heart of Jafza.
Dubai Traders Market will span approximately 800,000 square metres, with Yiwu Market covering about 200,000 square metres.
The market will give traders and businesses from across the globe access to wholesale discounts with minimised supply chain costs and turnaround times by leveraging DP World’s logistical expertise.
As one of the biggest trade partners of the UAE, China’s non-oil trade in 2019, valued at over $49 billion, while imports stood at 15% of total UAE imports of non-oil trade, valued at $33 billion.
Abdulla Bin Damithan, CEO & Managing Director, DP World - UAE Region and Jafza said: “Bilateral trade between the UAE and China has surged over the years due to factors like strong trade relations and people-to-people synergies.
"Considering these factors, the UAE is a strategic partner of the Belt and Road Initiative that brings in a whopping 34% of the global GDP.
"In alignment with the goals of our wise leadership and as a driver for economic growth in the UAE, we, have always been welcoming of Chinese companies from an array of sectors.
"Owing to our incentives and initiatives, we have seen an increasing interest from Chinese companies to invest in Dubai and strengthen their presence in Jebel Ali.
"With ‘Operation 300bn', a national industrial strategy, we aim at raising the manufacturing sector’s contribution from AED133 to AED300 billion over the next 10 years, and support Dubai’s leadership vision to increase its foreign trade from AED1.4 trillion to AED2 trillion.”