Sunday 14 July 2019
The Dubai Multi Commodities Center (DMCC), the world’s flagship free zone and the Government of Dubai's authority on commodities trade and enterprise, has signed two new strategic partnership agreements with Chinese authorities during visits to the cities of Hangzhou and Qingdao as part of its sixth Made for Trade Live roadshow of 2019.
DMCC signed Memoranda of Understanding (MoU) with the Hangzhou China Council for the Promotion of International Trade (CCPIT) and the Department of Commerce of Shandong Province in Qingdao. The agreements commit the organizations to work together to support, strengthen and boost bilateral trade between the United Arab Emirates (UAE) and China, and attract foreign direct investment (FDI) to Dubai. Over 4,000 Chinese companies are already based in the UAE and 423 in DMCC, making DMCC home to around 10 percent of the Chinese companies in the UAE.
Around 400 business leaders and senior government officials attended the events and discussed the growth potential that Dubai and DMCC offer Chinese companies seeking to expand their global footprint. Both events received the official support of the UAE Ministry of Foreign Affairs and International Cooperation.
DMCC is perfectly placed to support the Belt and Road Initiative by developing national agendas and creating new trade flows between Dubai and China. China is one of the UAE’s largest trading partners, with trade between the two countries expected to reach USD 70 billion by 2020. China remains Dubai’s top trading partner with a market value of USD 38 billion in 2018.
In June 2019, Dubai FDI, the investment development agency of Dubai Economy, went on an investment mission to major cities in China as part of its strategic efforts to support the global infrastructure program of the Belt and Road Initiative. In April 2019, China announced investment of USD 3.4 billion into shipping and food projects in Dubai, as part of its Belt and Road Initiative. China has also confirmed its participation in Expo 2020, investing over USD 100 million in its pavilion.
CCPIT will send a delegation of 19 senior officials to visit DMCC in July 2019. During their visit, the delegates will tour DMCC’s state-of-the-art infrastructure as well as the bespoke Chinese language services available in the free zone.
To date, DMCC has attracted over 3,000 businesses from 17 cities around the world to its Made for Trade Live roadshows. The program brings together business leaders interested in expanding their home base and offers them insights into the commercial appeal of Dubai and the opportunities it offers for growth in the region and beyond.