The signing of four major private-sector agreements will boost the rapidly expanding trade and investment ties between the United Arab Emirates and the Chinese province of Hainan. The signing ceremony took place during the Hainan Promotion Conference in Dubai and was attended by His Excellency Dr Thani bin Ahmed Al Zeyoudi, UAE Minister of State for Foreign Trade, and His Excellency Liu Xiaoming, Governor of Hainan Province. Hainan is an island province located in the southernmost part of China.
It is home to a free-trade port that is projected to be the largest in the world by 2035 and also hosts the Boao Forum, an annual meeting of political and business leaders that has been described as “Asia’s Davos”. The agreements between the UAE and Hainan include: Jointly organised by the UAE International Investors Council, the Department of Commerce of Hainan Province and the Hainan Provincial Bureau of International Economic Development, the Hainan Promotion Conference gathers business executives, trade promotion agencies and business associations from both the UAE and Hainan Province to present the most promising trade, investment and joint-venture opportunities. In his welcoming address, His Excellency Dr Thani Al Zeyoudi invited investors from Hainan to take advantage of the UAE’s dynamic business ecosystem, including its offering of 100 percent foreign ownership, light-touch regulation, and fast-track setup processes.
He also promoted the country’s unrivalled access to global markets, several of which have been enhanced by the UAE’s Comprehensive Economic Partnership Agreement program. HE Al Zeyoudi highlighted the growing relationship between Hainan and the UAE, which has resulted in bilateral non-oil trade more than doubling in 2022 to reach US$900 million. The UAE’s exports to Hainan surpassed US$653 million in 2022, representing a growth of 98.
2 percent. Imports, meanwhile, climbed 110. 6 percent to reach US$258 million.
His Excellency noted: “Bilateral trade and investment flows between the UAE and Hainan Province continue to not only deepen but also diversify. The Hainan Promotion Conference in Dubai, and the agreements we have concluded, reflect the growing synergies that exist between our two thriving economies. Our shared belief in rules-based trade and the ongoing development of world-class logistics infrastructure provide the ideal platform to accelerate our trading relationship and secure vital East-West supply chains.
” HE Liu Xiaoming said: “Last month, the UAE joined the BRICS group, and next year our nations will celebrate the 40th anniversary of diplomatic relations. Under the guidance of our heads of state, it is such a pleasure to be able to meet with HE Dr. Thani to discuss and further deepen the pragmatic collaborations between Hainan and the UAE.
“We wish to join hands with our UAE partners to promote high-quality development while engaging in the Belt and Road initiative. I believe that together will accomplish fruitful outcomes in areas such as free-zones, connectivity, finance, trade and other industrial cooperation. ” Others in attendance at the Hainan Promotion event represented leading Middle Eastern and Hainan private sector entities spanning trade, logistics, investment, real estate, finance and public affairs sectors.
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From: uaenews247
URL: https://uaenews247.com/2023/09/18/uae-and-chinas-hainan-province-sign-multiple-deals-to-boost-cooperation-in-priority-sectors/
