Dubai Multi-Commodities Centre (DMCC), free zone for commodities trade and enterprise, has signed two new strategic agreements with China as part of its sixth Made for Trade Live road show of 2019. The agreements were signed with the Hangzhou China Council for the Promotion of International Trade (CCPIT), and the Department of Commerce of Shandong Province in Qingdao to boost trade between the UAE and China, and attract foreign direct investment to Dubai. Over 4,000 Chinese companies are already based in the UAE and 423 in DMCC, making DMCC home to around 10 per cent of the Chinese companies in the UAE. China is one of the UAE’s largest trading partners, with trade between the two countries expected to reach up to Dh257 billion by 2020. China remains Dubai’s top trading partner with a market value reaching Dh139 billion in 2018.
In April 2019, China announced Dh12.49 billion investment into shipping and food projects in Dubai, as part of its Belt and Road initiative. China has also confirmed its participation in Expo 2020 investing over Dh367 million in its pavilion.
We are already seeing an increase in the number of Chinese companies choosing to set up in Dubai, in addition to over 400 already registered with DMCC. We are confident that an upward growth trajectory, supported by these two new MoUs and other previously signed agreements, will continue in the years to come, said Feryal Ahmadi, chief operating officer, DMCC. Wang Guozhen, President, CCPIT Hangzhou, this collaboration will further support China’s Belt and Road Initiative and diversify trade ties between the two countries. We look forward to working closely together and introducing investment opportunities to our business community in Hangzhou.
CCPIT will be sending a delegation of 19 senior officials to visit DMCC in July. During their visit, the delegates will tour DMCC’s state-of-the-art infrastructure as well as the bespoke Chinese language services available in the Free Zone. Yan Zhaowan, director, Shandong Provincial Commerce Department, said this agreement will contribute to strengthening commercial relationship with the emirate of Dubai and result in an increase in trade and business opportunities in the near future.