DEC signs pact to boost trade, economic ties with China

The Secretariat General of the Dubai Economic Council, or DEC, has signed an agreement with with the China Economic and Social Council, or CESC, to enable exchange of data and boost cooperation. Hani Al Hamli, DEC secretary-general who signed the agreement with Yang Chonghui, vice-chairman of the CESC, said the new partnership underlined the strong bilateral relations and the continued efforts in strengthening the two countries’s trade and economic ties. “This momentum in economic relations between the UAE and China suggests a need to further consolidate the relationship from ‘mutual cooperation’ to ‘strategic partnership’,” said Al Hamli. As the economic ties between the UAE and China continues to grow and diversify, the volume of bilateral trade  rose to $15.6 billion  in 2011, accounting for about six per cent of UAE’s international trade, he pointed out. The UAE’s imports from China were valued at $15 billion in 2011 whereas exports to China were placed at $284 million. Al Hamli said the UAE-China  partnership would be based on several factors such as shared interests, a common vision of their leaderships, and potential opportunities in investment in areas such as technology transfer, industrial investment and energy. “It is also important to give special attention to SMEs with a view to increase their activities and profits, thus increase employment rates,” he said. The DEC delegation, which has participated in several major events in China,  will also be visiting several key institutions to discuss opportunities for collaboration. “The MOU with CESC will enable both parties to exchange experiences, share knowledge and data and expand the scope of debate and research on various economic issues,” Al Hamli said. Chonghui praised the initiative taken by DEC to establish strategic partnerships with CESC. “Such partnerships embody the keenness of the leaders of both the UAE and China to strengthen the economic ties between the two countries for the favor of better well-being of their citizens,” said Chonghui. Al Hamli said there are several factors that could enhance the strategic partnership between the UAE and China. These include  the activation of the role of business community, exploring new channels of economic and investment channels. Al Hamli highlighted the milestones of the UAE economy and the country’s emergence as a success story in development. He said that the overall performance of the UAE economy was not due to the growth of the hydrocarbon sector, but due to income diversification strategy to reduce reliance on oil and diversify to non-oil sectors such as finance, logistics, tourism, trade and industrial sectors. The contribution of oil in the UAE GDP has  dropped from 70 per cent in 1971 to 29 per cent in 2011. He said Dubai, a regional and global hub in business and finance, accounts  for about 28 per cent of the national economy. From : Khalij