RAKEZ and Tianjin Free Trade Zone Establish Partnership to Enhance Economic Collaboration

UAE, 07 October, 2024 : Ras Al Khaimah Economic Zone (RAKEZ) has entered a landmark partnership with China’s Tianjin Pilot Free Trade Zone (Tianjin FTZ) to enhance economic collaboration and cross-border opportunities. The formalization of business relations occurred through a Strategic Cooperation Agreement and a Memorandum of Understanding (MoU) with Tianjin Port Free Trade Zone.

The agreements were signed by Ramy Jallad, Group CEO of RAKEZ, and Zhu Changcun, Director-General of the Tianjin FTZ, along with Xu Haitao, Director of the Investment Promotion Bureau at Tianjin Port FTZ. This partnership aims to facilitate trade, investment opportunities, and industry development between Ras Al Khaimah and Tianjin.

Jallad highlighted that the agreements represent a transformative step in strengthening Ras Al Khaimah's industrial capabilities and enhancing global partnerships. He noted that RAKEZ is currently home to over 250 Chinese businesses across various sectors, including manufacturing, trading, and renewable energy. This alliance is expected to attract more Chinese investors looking to enter Middle Eastern markets.

Yin Xiaofeng, Party Secretary of the Tianjin Port Free Trade Zone, expressed enthusiasm for collaboration in sectors such as petrochemicals, renewable energy, and logistics. He emphasized the strategic advantages of RAKEZ as a gateway to the Middle East and North Africa, which would benefit Tianjin enterprises in their expansion efforts.

RAKEZ is committed to deepening its engagement with China, focusing on long-term collaboration that fosters innovation and economic growth. The partnership is set to create a solid foundation for sustainable development and increased opportunities in emerging sectors.

Source : www.wam.ae