RIYADH: The UAE has witnessed a surge in non-oil trade with nations participating in China’s ambitious Belt and Road Initiative, reaching $305 billion in the first half of 2023, revealed a senior minister.
UAE’s Minister of Economy Abdulla bin Touq Al-Marri said this figure accounts for 90 percent of the Gulf nation’s non-oil trade during the same period.
Speaking at the first China-GCC Economic and Trade Cooperation Forum held in Guangzhou, China, the minister highlighted that this achievement signifies an impressive growth rate of over 13 percent, showcasing the UAE’s expanding global trade footprint.
Al-Marri pointed out that 88 percent of the UAE’s imports originate from Belt and Road countries, while an impressive 94 percent of its non-oil exports are directed toward these nations.
Additionally, the overall trade volume between the UAE and regions like Asia, Africa, and Europe reached approximately $560 billion in 2022, marking a 20 percent increase from the previous year.
The UAE’s top 10 trading partners consist of China, India, and Saudi Arabia, highlighting the nation’s significant trade relationships with these key countries. Iraq, Turkey, and Japan also feature prominently among its trading partners. Additionally, the UAE maintains strong trade ties with Oman, Kuwait and Hong Kong.
Al-Marri further underscored the UAE’s active role in the BRI, highlighting the nation’s strategic location, developmental capabilities, and prominent economic position in the region.
“The UAE has invested $10 billion in the China-UAE investment fund to support the initiative’s projects in East Africa and has signed 13 memorandums of understanding with China in 2018 to invest in various sectors in the UAE,” he said.
During his address to the ministerial conference, Al-Marri highlighted the enduring 42-year history of GCC-China relations, emphasizing their consistent growth and productive collaboration across diverse sectors.
He expressed optimism regarding the prospects of strengthening this partnership to provide enhanced support for sustainable development initiatives and the pursuit of prosperity in both regions, particularly in the light of ongoing global economic transitions.
The minister also emphasized the pivotal role that trade and economic cooperation play in fortifying the economic partnership between the GCC and China.
Furthermore, Al-Marri underscored the wealth of growth opportunities in numerous crucial domains within the GCC-China private sector partnership. He acknowledged the substantial presence of over 4,000 Chinese companies operating across various key sectors in the UAE.
He encouraged the Chinese private sector to take advantage of the UAE’s new economic model and business-friendly environment. This is characterized by legislative amendments allowing 100 percent foreign ownership, revamped visa and residency systems, and initiatives to attract talent, startups, and promote green transformation.
On the sidelines of the conference, Al-Marri held a bilateral meeting with Wang Wentao, the Chinese minister of commerce. This was attended by UAE Ambassador to China Hussein bin Ibrahim Al-Hammadi, along with several officials from both sides.
The discussions delved into avenues for enhancing UAE-China relations across a spectrum of economic sectors, encompassing the new economy, energy and manufacturing as well as healthcare, transportation and technology.
