Global Arab Network | Abu Dhabi and China lead international economic recovery

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Abu Dhabi and China lead international economic recovery

Global Arab Network - - Mohamed Tamer

Tuesday, 18 August 2009 22:48

Abu_Dhabi_and_China_lead_international_economic_recovery

The recent visit of Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi, Deputy Supreme Commander of the UAE Armed Forces and Chairman of the Abu Dhabi Executive Council to China came with the goal to strengthen economic, political and military ties between the two countries.

The visit also aimed at realizing the goals of creating new trade frontiers and diversification of the Emirate's economic resources, which are stipulated by 'Plan Abu Dhabi 2030'.

In his talks with President Hu Jintao, the President of the People's Republic of China, HH Sheikh Mohammed valued the strong ties between the two countries, which are based on mutual respect and interests, calling for their enhancement so as to be on par with the aspirations of both leaderships and peoples.

President Hu Jintao said that this visit would improve the cooperation between the two countries in different fields.

The visit program included the ratification of a number of contracts in the economic, oil, petrochemical industries, militarily, renewable energy, tourism and culture fields.

According to The UAE Ministry of Economy, the country is considered to be the second trade partner with China in the Gulf region and the first market for Chinese products among the Arab countries.

Trade between the two countries, which could be traced back to the Silk Road era, accounted to $28bn in 2008, with 40.5% increase compared to 2007.

The UAE has around 3000 registered Chinese companies, with both the Ministry of Economy and the free zones. The two countries have joint projects that amount to $12bn and more than 200 thousand Chinese expatriates are currently living in the UAE.

The Chinese Deputy Trade Minister said in an early statement that the UAE's investments in China reached $220m, the majority of which are concentrated in the banking and financial sector, making it the biggest investor in China among the Arab countries.

The visit also came as reinforcement of the existing trade and economic ties, such as the Cooperation Agreement, ratified with the China Council for The Promotion of International Trade in 2002, with the aim of boosting ties between private businesses in both countries.

The UAE also voiced its interest in establishing oil storage facilities in China, the importance of this project stems from the fact that oil consumption in China has doubled during the last decade, accounting for around 10% of world consumption, in addition to its geographical location, next two of the world's biggest oil consumers, namely India and Japan.

The two parties signed a memorandum designed to establish a strategic relationship between them in the areas of art, culture and exhibitions, an indication of Abu Dhabi's determination to diversify its income resources and promote its tourism sector.

UAE and China played a prominent role in the international economy during the era preceding the current credit crisis and now they are leading the international economic recovery, so it is natural for both countries to come together to boost their future economic ties and common interests.

Global Arab Network

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