As part of its strategy to reach out to promising markets and promote Dubai as a global business and trade hub, the Dubai Chamber of Commerce and Industry has opened its seventh international office in Shanghai, China.
HE Hisham Al Shirawi, 2nd Vice- Chairman, Dubai Chamber, said: “China is our top trading partner and we have worked hard to strengthen trade relations with the country over the last decade. The opening of the Chamber’s Shanghai office, our first in China, a testament of our efforts to improve trade relations with the country and Southeast Asia. The move also falls in line with objectives outlined under the Dubai Plan 2021 to strengthen the emirate’s status as a leading business hub and an attractive investment destination.
“We are confident that establishing a presence in this market will lead to new relationships and partnerships with Chinese businesses and bring about mutual benefits and economic growth. It will also help Chinese companies to expand their reach to markets in Africa, using Dubai as an access point,” he said.
HE Al Shirawi also noted that Dubai and China both enjoy a strategic geographic location and easy access to surrounding markets in the GCC and East Asia. The UAE is located along the ‘China – Central Asia – West Asia economic Corridor’ that passes through the Commonwealth of Independent States (CIS) region, a priority investment and trade region for Dubai.
“China’s plans to recreate the Silk Road through the One Belt One Road (一带一路) initiative have boosted its trade flows with Central Asian countries and beyond. Therefore, the UAE and Dubai play a critical role as an investment and trade hub along the New Silk Road with strategic access to the Middle East, Africa and South Asian (MEASA) markets,” said HE Al Shirawi.
“Due recent economic trends, Chinese companies are now looking abroad for new trade opportunities. We are seeing a growing number of Chinese businesses investing in Dubai’s real estate and manufacturing sectors, which is supporting the growth of the private sector,” he added.
Dubai’s non-oil trade with China has grown steadily in recent years and was worth AED176 billion in 2015. There are currently 2,829 Chinese companies registered with Dubai Chamber.