UAE seeks stronger economic ties with Hong Kong

The UAE seeks to expand economic relations and trade with Hong Kong, even as it remains the Chinese island’s largest trade partner in the region, Under-Secretary for Foreign Trade and Industry Affairs at the UAE Ministry of Economy Abdullah Al Saleh said during a recent event in Dubai.

The volume of non-oil trade with Hong Kong stood at AED7.5 billion in 2015, making the UAE Hong Kong's largest trading partner in the region, he added.

Financial services, banking, tourism, innovation, logistics, education and transportation are the main sectors offering promising growth opportunities for the UAE and Hong Kong, two key global trade and business hubs, he noted during a roundtable with Hong Kong's Financial Secretary John Tsang and representatives of government bodies and private businesses.

The UAE can play a vital role in China's Silk Road Economic Belt and the 21st-century Maritime Silk Road, also known as the Belt and Road Initiative, as a gateway to the Middle East, while Hong Kong remains a gateway to China and Eastern Asia, Al Saleh noted.

Hong Kong seeks stronger economic and trade relations with the UAE and Dubai, in particular, Hong Kong's Financial Secretary said, noting that trade between the two countries grew 10 per cent over the past five years.

Meanwhile, the fourth edition of the HKTDC Lifestyle Expo in Dubai opened today and will continue through November 7 at the Hyatt Regency Dubai.

Jointly organised by the Hong Kong Trade Development Council (HKTDC) and the Department of Commerce of Guangdong Province, the Lifestyle Expo features a wide range of stylish products from over 100 Hong Kong and mainland companies.