Abu Dhabi Investment Office, the emirate’s inward investment agency, signed an agreement with the Chinese Business Council to strengthen cooperation and increase bilateral trade and investment opportunities, it said in a statement on Saturday.
“The signing of this MoU [memorandum of understanding] indicates the strength of business and trade relations between the UAE and China,” said Khalifa Bin Salem Al Mansouri, undersecretary of Abu Dhabi’s Department of Economic Development.
“Through joint projects run by public-private sector partnerships and attracting foreign investment, Abu Dhabi is charting a course towards greater economic diversification, liberalisation, sustainability and enhanced non-oil export capacity.”
Abu Dhabi Investment Office aims to boost investment in strategic economic sectors including financial services, industry and manufacturing, tourism, renewable energy and ICT and communications, as part of its Abu Dhabi Vision 2030 economic diversification agenda.
The MoU, signed during the visit of Chinese President Xi Jinping to the UAE this week, aims to strengthen Abu Dhabi’s economic links with China’s business sector and maximise opportunities for growth of trade between the two countries, according to the statement.
It also sets out the parties’ intention to form a joint business council with an annual working meeting, a team to coordinate its daily work and an annual joint review and evaluation of results achieved, as well as plans for future trade delegation visits.
Meanwhile the Ministry of Climate Change and Environment said on Saturday it ratified two MoUs with China’s Ministry of Agriculture and Rural Affairs to strengthen agricultural cooperation and jointly build a wholesale market for agricultural, livestock and fishery products.
The MoUs were signed by Dr Thani bin Ahmed Al Zeyoudi, minister of climate change and environment, and ambassador Ni Jian of China to the UAE.
The statement said the two countries agreed to strengthen cooperation in modern agriculture, such as hydroponics and organic agriculture and apply modern agricultural techniques to irrigation and the use of treated water. The nations will also exchange expertise, science and technology in the fields of pest control, agriculture in saline areas and food security and diversity.
The agreement will also see the joint build of a wholesale market for agricultural, livestock and fishery products in the UAE – established and managed by Chinese businesses - to ensure food safety, reduce spoilage, increase revenue, and stabilise food prices in the region. The statement said the venture “will facilitate the mobilisation of private capital and implement a modern enterprise management system”.
Dr Al Zeyoudi said: “The two countries seek to bolster these relations through sharing experiences and employing the latest technologies in the fields of environment, agriculture, livestock and food diversity.”
According to the statement, both agreements came into effect immediately and remain valid for five years.
Non-oil trade between the UAE and China is expected to rise to $58 billion by the end of 2018 from $53.3bn in 2017, Sultan bin Saeed Al Mansouri, the UAE’s minister of economy, said in his keynote address to the UAE-China Economic Forum on Friday.