The Department of Economic Development- Abu Dhabi, signed a joint cooperation agreement, with “Pudong Financial Services Office” of the Government of Shanghai Pudong District. The agreement is meant to promote joint strategic cooperation between the Emirate of Abu Dhabi, the Pudong District of Shanghai, in t economic, social, financial and infrastructure concern.
The agreement was signed today at the Abu Dhabi Council for Economic Development, by HE Nasser Ahmed Al Suwaidi, Chairman of the Department of Economic Development, and HE Chi Henning Director General of Pudong Financial Services Office, in t presence of His Excellency Fahad Raqbani Director General of the Abu Dhabi Council for Economic Development, HE Xio Lin Member of Shanghai District Government and the Secretary General of Pudong Financial Services Office, and a number of officials from both sides.
HE Nasser Ahmed Al-sowaidi said on this occasion: “The United Arab Emirates and the Emirate of Abu Dhabi in particular, attach great importance to developing and strengthening economic and investment ties with China, as the UAE is the second largest trading partner of China in the Gulf Region. HE pointed out that the agreement comes in line with the keenness of the leadership of both countries to strengthen t channels of communication, and promote investment opportunities on both sides, thus contributing to the promotion of trade between the two countries, and opening up broader prospects of joint cooperation.”
His Excellency the Chairman of the Department of Economic Development confirmed that the signs the current and future recovery of the Emirate of Abu Dhabi are quite obvious , in the light of the noticeable improvement in the ability of Abu Dhabi to continue on effective and efficient development of the movement and transportation of goods, and the overwhelming response of manufacturers and foreign consumers, in addition to the Department's active role in promoting and marketing its development projects in the global markets.
His Excellency pointed out that the UAE had focused in past years, greatly on strengthening investment relations with China, by investing in a variety of fields, such as finance, real estate and construction, which led to increasing UAE’s investments in China to about $ 220 million. Chairman Al-sowaidi noted that the UAE occupies the first rank among Arab countries in attracting Chinese investment, as estimates suggest that Chinese companies operating in the UAE amounted to more than three thousand companies, operating in different sectors such as real estate, construction, trade, services and tourism. HE Nasser Ahmed Al-sowaidi, expressed his pleasure to sign this agreement with the District of Pudong, Shanghai, describing the agreement as a step forward in materializing the efforts of the government of Abu Dhabi and China during the past years, the latest of which was Forum Abu Dhabi to invest in Tian Jin at the beginning of this year, which was an opportunity to highlight the potential of future cooperation, in a number of strategic areas and sectors, especially in light of the growing interest by companies, financiers and businessmen in both countries.
HE Chi Henning, Director General of the Pudong Financial Services Office, expressed his wishes that this agreement will contribute to strengthening and developing bilateral relations between his country and the Emirate of Abu Dhabi, especially in the areas of infrastructure investment and other important economic sectors.
“China, through these strategic alliances with the United Arab Emirates, China is seeking to utilize the position of UAE, as a gateway for Chinese exporters to the Middle East, especially that 70% of Chinese exports to the UAE are re-exported to neighboring countries”, Mr. Henning added.
He also noted that the agreement will hopefully contribute to increasing Chinese companies to benefits opportunities offered by the Emirate of Abu Dhabi in fields of investment in vital sectors such as industry and others areas, stressing the desire of the Chinese Government and the District of Pudong, Shanghai to effectively work for common interests, with the Government of the Emirate of Abu Dhabi, by focusing on investment and joint ventures.
According to the joint agreement, the two sides agreed on cooperation within the framework of overall national development policies of the Governments of Abu Dhabi and the Pudong District, and base this cooperation on standards, procedures and policies agreed upon between both parties, through joint programs and projects for the common interests of both countries.
In a contribution to promoting and advancing economic development, in the Emirate of Abu Dhabi, and the District of Pudong, the two sides agreed to cooperate in the fields of information, facilitating exchange of best practices and experiences, and increasing cooperation between financial services in both countries, and boosting cooperation in the areas related to economic development.
According to the agreement, the parties will appoint representatives and form joint teams, to prepare studies on questions and issues of common interest, to contribute to the promotion and development of strategic relations between the two sides.
It is noteworthy that the volume of non-oil trade between the Emirate of Abu Dhabi, and the Republic of China, during the first half of this year amounted to AED 2163 million; the exports of Abu Dhabi to China, constituted AED 339.760 million, while imports of Abu Dhabi from China formed AED 1822 million, and re-exports were valued AEd1556 million
The volume of trade between Abu Dhabi and China during the same period last year 2010 reached about AED 1317 million, of which AED1270 million constituted imports, and AED 242 million were exports and AED 47.242 million were re-exports.