UAE Enhances Role in China's Belt and Road Initiative, Strengthens Ties with Hong Kong

UAE, 10 September, 2024 : The United Arab Emirates has solidified its position as a major player in global development, driven by its strategic location, favorable business environment, and visionary leadership. This role is particularly evident in its support for China’s Belt and Road Initiative (BRI), which aims to connect Asia, Europe, and Africa through infrastructure and investment.

The UAE's commitment to the BRI is highlighted by its participation in the initiative's ninth summit in Hong Kong on September 11-12, under the theme "Building a Connected, Innovative and Green Belt and Road." The UAE’s involvement underscores its dedication to economic growth and international collaboration.

The UAE has invested $10 billion in the UAE-China Joint Investment Cooperation Fund to support BRI projects in East Africa and signed 13 memorandums of understanding (MoUs) with China in 2018 for various investments within the UAE. Data from the first half of 2023 shows that UAE’s non-oil trade with BRI countries reached $305 billion, representing 90% of its non-oil trade and growing by over 13% from the previous year.

China remains the UAE’s top trading partner, with trade volume between the two countries reaching $50.108 billion in the first half of 2024. The two nations aim to increase their trade volume to $200 billion by 2030. The UAE has signed over 148 bilateral agreements with China, and its non-oil foreign trade with China reached $81 billion in 2023.

The UAE's investment in China totals $11.9 billion across various sectors, while Chinese investments in the UAE amount to $7.7 billion. Additionally, the UAE maintains a strong economic relationship with Hong Kong, with total non-oil trade reaching $12 billion in 2022 and Hong Kong investment in the UAE totaling $2.1 billion.

The UAE’s strategic role in the BRI and its robust ties with China and Hong Kong reflect its commitment to sustainable economic development and global cooperation, positioning it as a key contributor to international economic growth.

Source : www.zawya.com