Abu Dhabi: An Abu Dhabi economic delegation, led by the Abu Dhabi Department of Economic Development (ADDED), concluded a successful visit to China, which saw the signing of groundbreaking agreements to further enhance cooperation between government entities and private sector companies in Abu Dhabi and China, reaffirming the emirate's efforts to build and cement partnerships with leading economies and trading partners.
According to Emirates News Agency, the visit showcased the 'Falcon Economy's' attributes, the ample growth opportunities available in Abu Dhabi, and the emirate's commitment to transformative strategies to address new trends and changes in the global economy. A strategic cooperation agreement was signed between the Abu Dhabi Government and Shanghai Municipal People's Government, covering wide-ranging areas including business, trade, finance, science, technology, education, culture, health, tourism, and ports. The Foreign Affairs Office of the Shanghai Municipal People's Government and ADDED will lead efforts and initiatives to achieve the objectives of the agreement in line with the joint communiques and statements announced by the leaderships of the People's Republic of China and the UAE.
Over the course of six days, the Abu Dhabi economic delegation actively engaged in bilateral meetings with top government officials, key businesses and investors in Beijing, Shanghai, Shenzhen, and Hong Kong. The meetings included Chen Jining, Member of the Politburo of the Chinese Communist Party and Party Secretary of Shanghai, Yin Yong, the Mayor of Beijing, Gong Zheng, Mayor of Shanghai, and John Lee, Chief Executive of Hong Kong. The delegation also explored new opportunities with leading Chinese powerhouses including ByteDance, Xiaomi, Legend Holding, Xiaodong, BYD, CICC, and CATL.
Ahmed Jasim Al Zaabi, Chairman of ADDED, stated that the outcomes of the visit to China build on strong foundations to further enhance the partnership by exploring new opportunities in clusters with high-growth potential and emerging industries. The consistent growth of bilateral trade and mutual investments between the UAE and China highlights the shared commitment to further strengthen strategic cooperation based on mutual trust, collaboration, and a common vision to address global economic challenges. Al Zaabi emphasized the importance of economic cooperation as a key pillar in cementing relations and enhancing bonds with key economies and trading partners worldwide.
In recent years, economic ties between the UAE and China have seen significant growth rates, with bilateral trade increasing from US$2 billion (AED7.4 billion) in 2000 to nearly US$100 billion (AED 367 billion) in 2023. In the first nine months of 2024, trade between the UAE and China reached $74.5 billion (AED273.4 billion) and is projected to rise to $200 billion (AED734 billion) by 2030. Chinese investments in the UAE rose by 16%, and UAE investments in China soared by 120%.
The number of Chinese companies registered with the Abu Dhabi Chamber of Commerce and Industry grew by 38% in 2023 and 69.4% in 2024, demonstrating the attractiveness of Abu Dhabi to Chinese businesses and investors. Key figures such as Badr Al Olama, Director General of the Abu Dhabi Investment Office (ADIO), Rashed Lahej Al Mansoori, Director General of Abu Dhabi Customs, and other senior officials participated in meetings and events organized as part of the Abu Dhabi economic delegation's visit to China.
The Abu Dhabi Investment Forum (ADIF), organized by ADIO and ADGM in Beijing and Shanghai, attracted Chinese investors and businesses to explore opportunities in the emirate and leverage its business-friendly ecosystem to expand globally. During the visit, ADIO and ADGM inked agreements with leading Chinese entities, aiming to introduce Abu Dhabi's investment opportunities to Chinese businesses and investors, enhance investment intelligence, and deepen economic ties.
The Abu Dhabi Chamber of Commerce and Industry signed a strategic cooperation agreement with the Shanghai Federation of Industry and Commerce to promote bilateral trade and mutual investment collaboration. The Abu Dhabi-Shanghai Business Forum, organized by ADCCI, provided a platform for businesses in China and the UAE to build relations and form agreements in B2B meetings.