The UAE has participated as the guest of honor in the 2022 China International Fair for Trade in Services (CIFTIS).
The UAE was the first country from the Middle East and North Africa region to participate in this exhibition, which has become the largest comprehensive exhibition in the field of global services trade and a key platform to facilitate the opening of China to service industries. The exhibition also plays a pivotal role in enhancing job opportunities and promoting joint development in the field of trade in services.
The opening ceremony of CIFTIS was attended by HE Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade; HE Han Chen, Member of the 19th Committee of the Politburo Standing Committee (PSC) of the Communist Party of China; HE Dr. Ali Obaid Al Dhaheri, UAE Ambassador to the People’s Republic of China, and a number of senior Chinese officials.
The UAE Pavilion was inaugurated as the guest of honor country by HE Han Chen, wherein HE Dr. Al Dhaheri affirmed the growth of trade and economic relations between the UAE and China, saying: “The UAE and the People’s Republic of China have fostered remarkable economic development, and today we are witnessing a profound transformation and diversification in the economies of the two countries.”
His Excellency added, “We look forward to strengthening our partnership in the dynamic and growing financial industries, in addition to the services sector, which supports our two countries’ economies. I am proud of our partnership, which has seen the completion of many sustainable and competitive projects.”
The UAE Pavilion included a presentation on the aviation, economy and finance, energy and petrochemicals, financial services, advanced industries and technology, and culture and tourism sectors. A cooperation agreement was also signed between Etihad Airways and China National Petroleum Corporation.
On the sidelines of the exhibition, the UAE Embassy organized a symposium titled “Diversified Economy” with the participation of His Excellency Yang Yuen, Vice-Chairman of the Beijing Committee of the Political Consultative Conference, and Zhao Liuqing, Deputy Director-General of the West Asia and Africa Department, wherein various economic topics were discussed. His Excellency Al Dhaheri delivered a speech during the symposium in which he mentioned that the UAE prioritizes attracting foreign direct investment by improving the ease of doing business, stimulating economic diversification, and investing in the logistics infrastructure supporting these sectors.
The UAE and China continue to expand their cooperation as part of the comprehensive strategic partnership that was signed during the historic visit of President Xi Jinping to the UAE in 2018. Today, the UAE is China’s largest export market and largest non-oil trading partner in the Middle East and North Africa, as the volume of non-oil trade in 2021 amounted to more than USD 60 billion. The UAE is also the largest logistics center for China in the Middle East and North Africa, with more than 60% of its trade to the region passing through the UAE.
The UAE has become a regional hub for international investments and ranked first in the Arab world and fourth globally in the quality of port infrastructure, according to the Mordor Intelligence Report. According to the United Nations World Investment Report 2021, the UAE ranked first in attracting foreign direct investment in the region. In 2020, the flow of foreign direct investment to the UAE amounted to approximately USD 19.9 billion. During the first half of this year, the UAE’s non-oil foreign trade exceeded one trillion dirhams.
Source: Ministry of Foreign Affairs & International Cooperation