The UAE-China Economic Forum held in Abu Dhabi in the existence of H.E. Eng. Sultan bin Saeed Al Mansoori, UAE Minister of Economic Situation, H.E. Zhong Shan, Minister of Business of PRC, H.E. Omar Al Olama, Minister of State for AI, and a variety of senior officials and business owners from both countries. The forum was hung on the sidelines of the go to of H.E Xi Jinping, President of individuals's Republic of China and his coming with delegation, to the UAE.

The forum that was co-organized in between the Ministry of Economy and the Abu Dhabi Chamber of Business and Industry, supported by the Ministry of Foreign Matters and International Collaboration, Abu Dhabi Investment Bureau and UAE Chambers Federation, went over means of boosting the critical partnership between both nations in numerous industries of common interest. It likewise stressed the value of making the most of their corresponding economic, trade and financial investment properties and discovering additional opportunities for future cooperation.

The forum was attended by H.E. Saif Mohammed Al Hajeri, Chairman of Abu Dhabi Department of Economic Development; H.E. Eng. Mohammed Ahmed bin Abdul Aziz Al Shehhi, Undersecretary for Economic Affairs; Dr. Ali Obaid Al Dhaheri, Ambassador of the UAE to the PRC; H.E. Mohammed Thani Al Rumaithi, Chairman of FCCI, Chairman of Abu Dhabi Chamber of Commerce; Dr. Obaid Al Zaabi, CEO of the Securities and Commodities Authority (SCA); H.E. Juma Mohammed Al Kait, Assistant Undersecretary of the Ministry of Economy for Foreign Trade Affairs; H.E. Khalifa Al Mansouri, Undersecretary, Dep of Economic Development - Abu Dhabi; H.E. Humaid Bin Salem, General Secretary, UAEFCCI; H.E. Mohammed Helal Al Muhairi, Director General, Abu Dhabi Chamber of Commerce; H.E Jamal Saif Al Jarwan, Secretary General of UAE International Investors Council; Abdullah Mohammed Al Ashram, Chief of Postal Operations Affairs.

In his speech at the opening session of the forum, Eng. Sultan bin Saeed Al Mansoori, UAE Minister of Economic climate, said that the existing check out of the Chinese President represents a historical step that reinforces the critical partnership in between both nations and deepens their teamwork in markets such as manufacturing, SME's, power, renewable energy, Information Technology, telecoms, free zones, investment, tourist, logistics and economic services. H.E added that the go to of President Xi Jinping will certainly likewise help forge new understandings and create brand-new agreements under the assistance of the smart leadership of both countries.

H.E. explained that the trade numbers between both countries plainly shows the importance of the existing partnership and its promising future. The total non-oil trade exchange expanded by 15.1 per cent from USD 46.3 billion in 2016 to greater than USD 53.3 billion in 2017, which makes China the top trade partner of the UAE this year. On its part, the UAE represent 30 per cent of China's exports to Arab nations and 22 percent of the complete Arab-Chinese trade in 2017. The total non-oil trade exchange between the UAE and China is expected to touch around USD 58 billion in 2018.

H.E. additionally explained that the new import policies revealed by China recently, which intend to additional liberalize its markets to global imports, will certainly open the door to massive trade collaborations where the UAE is eager to be an active player. The UAE is exceptionally eager to play a vital function in these partnerships, and its exports to China represent crucial landmarks in the interest of both nations, he included.

H.E. stressed that the 'UAE-China Joint Investment Fund' will certainly contribute to the UAE's financial diversification technique and also play an essential role in sustaining development strategies across sectors of shared tactical passion, which include the conventional ones, along with renewable resource, infrastructure and advanced manufacturing initiatives.

H.E. stressed that in the light of teamwork and interaction in the air transport field, with more than 100 trips a week linking UAE's cities with most of China's major ones, the region is open to a wide range of chances for raising trade, investment, tourism, cultural, scientific and technological exchanges.

H.E. explained that UAE is eager to support the success of the 'One Belt One Road' Chinese initiative as it drops in line with the UAE's inspiration of this calculated project, along with helping to highlight the importance of the UAE at the regional and global degrees, being China's gateway to the Silk Roadway towards the West and Africa.

H.E. stressed that the map for future teamwork between the two countries is wide and open, loaded with opportunities, yet industries related to innovation, innovation, clinical research study, advanced markets and small and medium-sized enterprises will constantly think leading priority. H.E. likewise welcomed business and business community of the pleasant Republic of China to check out the possibilities and potential of the business atmosphere in the UAE.

H.E. Zhong Shan, Minister of Commerce of PRC, expressed his eagerness to enhance the relationship in between China and the United Arab Emirates, pointing out that the UAE is the first Gulf country to develop tactical relationships with China, which has caused deep political common trust fund and solid bilateral high-level interactions, and the connection of the approaches of both countries throughout the years to support their development efforts.

He included that the Chinese President's visit to UAE has contributed in advertising friendly relations between the two nations. The leaders of the two nations announced the updating of UAE-China relationships to the level of a comprehensive strategic partnership, which will certainly go a long way in combining bilateral relations and developing the framework for economic and trade cooperation.

He stressed the significance of an agreement in between China and the UAE on the problem of global open market and a global trading system, emphasizing that China opposes unilateral policies and trade protectionism and continues to motivate financial visibility and guaranteeing that the success of economic advancement includes the international community.

The Chinese Minister of Business showcased the most vital actions and legislations carried out by China hereof, consisting of the fostering of the new policy of foreign investment, which reduced several constraints related to the share of foreign resources, as well as China's campaign to increase imports and minimize tariffs on several items, to support trade cooperation with world markets.

His Excellency detailed three paths for cooperation during the next stage, in order to equate the partnership arrangements right into reality. The initial is to reinforce cooperation in the Road and Road effort, especially when it come to facilities, financial areas, financial investment, trade and economic solutions. The second is to strengthen collaboration in oil, gas, low-carbon, clean and renewable energy and the 3rd is to build teamwork in technology and artificial intelligence.

H.E Omar bin Sultan Al Olama, Minister of State for Expert system, provided a discussion on UAE-China collaboration in the area of AI, explaining the significance of China's accomplishments and its global leadership in this market. He clarified that open collaboration possibilities between the UAE and China in AI revolved around four technological tracks: Digital Vision, Autonomous Transportation, Advanced Robots, and Digital Economy.

Two Memorandums of Understanding.

During the forum, the two sides signed two calculated Memorandums of Recognizing to improve investment cooperation in between the UAE and China. The first one was authorized between the Abu Dhabi Investment Office and the Chinese Business Council in the UAE, and the second between the Abu Dhabi Chamber of Business and Industry and Chinese Business Council.

H.E Humaid Mohammed bin Salem, Secretary-General of the Federation of UAE Chambers of Business and Industry delivered a speech, in which he worried the relevance of the UAE-China Economic Forum as a platform for strengthening trade ties between the private sector in the UAE and its equivalent in China, in the light of solid typical rate of interests and structures for establishing joint endeavors that offer the advancement procedure of the two countries.

During the forum, Huang Yongzhang, Chairman of the Chinese Business Council in the UAE, discussed the extensive growth of financial and trade relations between China and the UAE given that the establishment of a strategic partnership in between them in 2012, which led to concrete success throughout different areas. He mentioned that preliminary quotes suggest that China's real financial investment in the UAE went beyond USD 3 billion in 2017.

Dr. Adeeb Al-Afifi, Director of the National Program for Small and Medium Enterprises, Ministry of Economic situation, participated in the forum with Mohammed Nasser Hamdan Al Zaabi, Director of Trade Promotion Division at the Ministry of Economic Climate, Najeeb Al-Ali, Executive Director of Expo 2020 Bureau, Mohammed Al Musharrakh - Chief Executive Officer, Sharjah FDI Office (purchase Sharjah) and the agents of a number of government entities and investment companies in the country, significantly The UAE Space Company, Abu Dhabi High Quality and Consistency Council (QCC), The Division of Energy - Abu Dhabi, Ajman Chamber of Business and Industry, DP World, ADNOC, Abu Dhabi Investment Company, Dubai Holding and a lot more.

The forum consisted of the discussion of 'Em irates the Land of Innovation', which highlights the country's policy of encouraging innovation across various economic sectors and the initiatives taken by federal government and exclusive establishments here. Reps from federal government entities involved in financial investment promotion in the UAE supplied presentations highlighting key possibilities for cooperation and partnership throughout vital economic sectors.