UAE, China discuss stronger economic, trade relations

UAE Minister of Economy Sheikh Lubna Al Qassimi and Chinese Commerce Minister Bo Xilai discussed today at a meeting in the Chinese capital city of Beijing ways promote economic relations as well as boost joint investment and trade cooperation.Sheikha Lubna underlined the role Chinese companies play in development projects and investments in the UAE."The UAE has succeeded in attracting more than 11 billion US dollars during 2005 and that accounts for a third of total investment inflow to the all Arab countries combined", she said."A large number of global corporations have the UAE as a center of their global and regional operations", she added.The UAE minister urged Chinese companies to tap the UAE attractive investment potentials and advantages adding that the feasibility of investment in all sectors in the UAE are high.She gave a presentation on the UAE economic development process , and the achieved economic diversity. "The UAE Gross Domestic Product (GDP) grew by 23.4% in 2006 reaching AED 599 billion. The non-oil sectors account for 63% of GDP (AED 376 billion)", she stated.For his part, the Chinese minister stressed China's keenness on boosting bilateral economic and trade relations with the UAE in 3 ways: direct relations, Sino-Gulf relations as well as Sino-Arab relations. He expressed hopes for achieving a real partnership between the two economies.Bo Xilai said Chinese and UAE companies have the ability to develop specialized economic zones, adding that his ministry is interested in boosting Chinese investments through such partnerships.As part of her current China visit which aims to boost the UAE-China economic and trade relations, the UAE Economy Minister discussed with Deputy Chairman of the China's International Commerce Development Bureau ways to further boost the UAE-China investment and trade relations as well as China's interest in taking advantage of the strategic geographical location of the UAE to expand Chinese global foreign trade. Source WAM