UAE and China Strengthen Economic and Investment Ties

UAE, 20 December, 2024 : The UAE-China Joint Investment and Economic Cooperation Working Group held its inaugural meeting to deepen economic ties and foster investments in key sectors, including the new economy, tourism, aviation, and green development.

Chaired by Abdullah Ahmed Al Saleh, Under-Secretary of the UAE Ministry of Economy, and Ling Ji, China’s Vice Minister of Commerce, the meeting underscored the strategic partnership between the nations, with trade reaching $42.4 billion in H1-2024, a 3% growth compared to the previous year.

Al Saleh highlighted the collaboration's alignment with the visions of UAE President His Highness Sheikh Mohamed bin Zayed Al Nahyan and Chinese President Xi Jinping, emphasizing mutual benefits and sustainable development.

Key discussions focused on enhancing investments, encouraging Chinese businesses to expand in the UAE, and promoting Emirati investments in China, particularly in renewable energy, infrastructure, and telecommunications.

The meeting also explored opportunities in digital economy, SMEs, and tourism. With over 15,000 Chinese companies operating in the UAE and more than a million Chinese tourists visiting in 2023, both nations aim to leverage this momentum to strengthen cultural and economic exchanges.

This meeting follows a May 2024 MoU under the Belt and Road Initiative to boost cooperation in critical sectors and enhance bilateral ties.