The fourth annual China Trade week has wrapped up in Abu Dhabi. More than 300 Chinese companies participated in the gathering that aims to strengthen business ties between the UAE and China.
Now in its fourth year, the China Trade Week saw over 300 Chinese companies exhibiting their products, up from 70 in 2013.
Although many major Chinese companies are setting up and expanding in the region, organisers say the focus here is on smaller enterprises.
“From China, the state companies are already here, the oil companies, construction companies, infrastructure companies, they’re already here.We need to support and help our SME companies here, it’s much more important. They play a very good role in import and export.”said David Wang,manager director of Mie Events.
China’s trade with the UAE has grown rapidly over the past decade.
Although energy has traditionally played a key role in Beijing’s economic relationship with Gulf states, non-oil trade is becoming a key focus for officials here in the Emirates.
It’s been a tough time recently for the UAE’s economy as it’s been hurt by low oil prices over the past eighteen months.Despite the challenging conditions though, trade with China seems to be going from strength to strength.So much so in fact, that officials here predict China will soon become the UAE’s number one trade partner.
“Bilateral trade reached in 2015, around $47 billion (USD), that’s including the trade in free zones.And we think by the end of the announcement of the trade figures in 2016, we think there’ll be an increase also in trade between the UAE and China.” said Juma Mohammed Al Kait of Asst. Undersecretary, UAE Ministry of Economy.
Another major driver of business is China’s One Belt One Road strategy.With growth at home slowing, markets like the ones here offer an opportunity to expand globally.It’s perhaps unsurprising then that UAE officials say 60% of Chinese trade is re-exported to the Middle East, Africa and Europe.
“We want to open a new market to sell this kind of production and here I think is a good choice because the governments between the two countries have a good relationship. And it’s not very far like Europe, like some countries.”A chinese trader Yun Tang said.
“Our many customers now come from Dubai. Many are from Europe and North America, because we love Dubai city and we want to open and develop some custom from Asia.” Chinese trader Malinda Foo said .
Many of the traders we’ve spoken to say the growing political and cultural ties between the two regions have made it easier to invest here.
They seem to be wider impacts of a relationship that’s primarily fuelled by trade.
