UAE, China launch service centre to boost $400bln Arab trade
A total of 40 important projects were signed during the Forum, with a total value of $5.93 billion, covering industries such as high-end equipment, new energy and new materials, and next-generation information technology, said the organisers.
This service centre was established by the SepcoIII Electric Power Construction Co and Hisense Group. Leveraging the two companies' long-standing presence and influence in the UAE and other Middle Eastern countries, the Centre aims to serve as a new bridge for China-Arab economic and trade cooperation and to better support the overseas development of enterprises.
Trade between China and Arab countries has a long history, dating back over 2,000 years, with China being an important trading destination for the Arab world since the Islamic caliphate later through the Silk Route that connected China with the Arab World.
Saudi Arabia is a key trading partner for China, with a bilateral trade volume of $107.53 billion in 2024, while trade between China and the UAE reached $101.838 billion, a 7.2 percent increase year-on-year, demonstrating resilience in trade despite global economic fluctuations, it stated.
China's engagement with Arab states is viewed as a strategic move to diversify partnerships and reduce reliance on any single power, particularly the United States, said experts.
Chinese companies are increasingly involved in various sectors in Arab countries, including energy, infrastructure, manufacturing, and new energy. Chinese companies are participating in infrastructure projects like ports and industrial zones, contributing to the development of trade hubs in the region, they stated.
The launch of the QOISC comes six months after two-way trade between China and Arab countries saw a substantial increase, exceeding $400 billion in 2024, according to the London-based International Finance magazine.
This represents a more than ten-fold increase from $36.7 billion in 2004. More than 15,500 Chinese companies have invested more than $6 billion in the UAE, according to UAE Ministry of Economy.
Organised by the Qingdao Municipal People's Government and China India Middle East and North Africa (Chimena) Business Council, the Forum was co-hosted by the Ministry of Commerce of the People's Republic of China and the Shandong Provincial Department of Commerce.
Abdulla Albasha Alnoaimi, UAE Commercial Attaché to China and Zeng Zanrong, Secretary of the Qingdao Municipal Party Committee of the Chinese Communist Party, unveiled the QOISC at the Forum.
Held under the theme 'Innovation-Driven, Mutually Beneficial: Promoting China-Arab Economic and Trade Cooperation to New Heights,' the China-Arab Business Forum drew 465 multinational companies, including 135 Fortune Global 500 companies and 330 industry-leading enterprises from 43 countries across the globe.
Of these, 417 were foreign multinational corporations. Three focused match-making meetings were also held on the sidelines of the China-Arab Business Forum.
More than 300 Chinese companies participated in the match-making sessions with companies from Egypt, UAE and Saudi Arabia.
Speaking at the event, Mohammed Saqib, Secretary-General of Chimena Business Council, said: "The launch of the service centre is a significant move that will play a significant role in accelerating the $400 billion trade between the two growing economic blocks."
"The QOISC combines the strength of the public and private sector to push for greater economic co-operation that will bring not only the businesses, but also the peoples of these regions closer through trade, tourism and cultural cooperation," he noted.
Using the UAE as a hub, the QOISC will accelerate the formation of an export-oriented alliance targeting regional markets, remarked Saqib.
"It will actively engage in activities such as overseas industrial parks, international exhibitions, and procurement resource matching, linking business opportunities, optimising resources, and fostering coordinated development," he stated.
"This will further contribute to deepening trade and investment partnerships and to jointly building the Belt and Road Initiative," he added. -TradeArabia News Service
Copyright 2024 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (Syndigate.info).
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