MOUs signed between Dubai and China to support Belt & Road initiative
Dubai South has signed two separate Memorandums of Understanding (MOU) with the China Council for the Promotion of International Trade Shanghai (CCPIT Shanghai) and China Chamber of International Commerce Shanghai (CCOIC Shanghai) on 2 July, at the Dubai South headquarters.
The MOUs are designed to boost economic relations between Dubai and China and increase engagement in the multibillion-dollar project Belt & Road Initiative – a global infrastructure development led by the Chinese Government.
H.E. Khalifa Al Zaffin, Executive Chairman of the Dubai Aviation City Corporation and Dubai South signed the agreements while Mr Yu Chen, Vice Chairman of CCPIT and CCOIC Shanghai signed on behalf of the organisations.
As part of the agreement, both parties agree to host and organise exchange visits for trade missions and project study groups for various economic and trade sectors and offer potential key services.
For its part, Dubai South will host various investment and business delegations from China who will be visiting the UAE to explore business opportunities focused on industries such as e-commerce, logistics, supply chain and trading. Dubai South is also expected to offer key support to Chinese companies and guide them through the process of setting up their businesses via a diverse range of business solutions. The agreement further explores the opportunity for CCOIC Shanghai to establish an official Dubai office to serve Chinese businesses operating in the GCC market and the region.
Al Zaffin said: “China continues to enhance its trade and diplomatic ties in the GCC, especially in the UAE considering it is the fifth largest source market for the country. Out of 5,000 Chinese companies in the UAE, 4,000 of them are based in Dubai alone, which represents the strong market ties between Dubai and leading Chinese markets. The set of new agreements aim to promote cooperation initiatives between Dubai and Shanghai and expand investment options for key companies from both cities.”
Zhang Jianwei, Vice Chairman of CCOIC Shanghai and Chairman of Royal Belt DWC, a company based in Dubai South expressed the organization’s commitment to the agreement. He commented: “We are looking forward to realise the agreements, including the establishment of a representative office of CCOIC Shanghai in Dubai South, and bilaterally promote economic and trade exchanges. These efforts will support our members and other enterprises in Shanghai seeking to invest and develop their businesses in Dubai.”
CCPIT Shanghai has been promoting trade, investment and economic technology cooperation between Shanghai and the world since 1956 and provides services for enterprises in international contact, convention and exhibition, arbitration, authentication, trading consultation and information exchange. Meanwhile CCOIC Shanghai, with over 3000 members, supports companies through an information platform of international business and market conditions. It also provides policy and legal consultations, organises inbound and outbound exhibitions and trade missions, and provide business related training programmes, among others.