UAE to send large team to China’s investment fair

The UAE is sending a large delegation to an international trade and investment show to be held in China next week with the aim of forming joint ventures and push deeper into the lucrative Asian market.

The Ministry of Foreign Trade (MoFT) is arranging the participation of the UAE delegation to the China (Ningxia) International Trade and Investment Fair (CITIF) and the China-Arab States Economic and Trade Forum running from September 21 to 25 at the capital of the Ningxia Hui Autonomous Region.

MoFT as well as local and federal governmental agencies, the Chamber of Commerce and Industry, departments of economic development and a number of national firms from various sectors such as Adnoc, Borouge and Julphar will form part of the contingent to the two events.

“The success of the country’s inclusion in last year’s CITIF edition has urged many UAE firms and organisations to join the event this year,” MoFT said.

The delegation will be headed by MoFT undersecretary Abdullah Ahmed Al Saleh, who said the Ministry would provide support and facilities to national firms participating in CITIF to help expand their businesses locally and abroad, encourage them to engage in business and investment partnerships with Chinese firms, actively promote UAE-made products in Asian and Chinese markets, and highlight the various opportunities offered during the Fair.

MoFT figures showed China is the second largest foreign business partner of UAE, with the two countries managing to maintain a high level of trade despite the 2008 global fiscal crisis and the current financial turmoil in the West.

Their bilateral trade grew by 9.5 per cent in the first quarter of 2011, with non-oil exports increasing by 74.3 per cent and imports by 75.4 per cent.

Non-oil trade rose by around nine per cent through 2010 to reach $12.5 billion. Tourism, Halal foods, Islamic-related goods, financial services, real estate, construction and energy are among the strategic areas China and the UAE consider in their economic and trade cooperation, the report said.

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