Dubai – Mubasher: Dubai FDI on Tuesday announced that it has signed a memorandum of understanding (MoU) with the Hong Kong Trade and Development Council (HKTDC) during a strategic meeting, which was held recently in Dubai.
The deal comes as part of the Department of Economic Development’s (DED) efforts to intensify investment and economic relations between two leading global business hubs, Dubai FDI said in a statement.
Dubai FDI, the investment development agency of DED, signed the deal as part of its continuing efforts to boost investment and economic relations with major cities in the world and increase business relations on strategic sectors.
“Dubai’s continuing efforts to expand its network in Asia and the Pacific has made new progress with both Dubai FDI and Dubai Exports signing MoUs with HKTDC. These efforts reflect our proactive approach and commitment to collaborating with major projects in Hong Kong and China,” Sami Al Qamzi, director general of Dubai Economy, commented.
Total foreign direct investment (FDI) capital inflows from Hong Kong to the emirate of Dubai recorded AED 275 million ($75 million) during the period between 2015 and 2018, with a total of 13 ongoing projects, recent data released by the Dubai FDI Monitor showed.
The newly-signed deal aims at accelerating the cooperative efforts between both parties in key sectors, particularly in increasing engagement on the Belt & Road Initiative.
The two parties also agreed to cooperate on trade and economic information sharing, provide support by facilitating network platforms for companies keen to expand business in both markets, and extend support and assistance to visiting delegations seeking for trade, investment and economic cooperation.
The Belt & Road Initiative is a development strategy that will catalyse economic opportunities regionally and globally.
“We are confident that the MoU is an opportunity for leading businesses in Dubai and Hong Kong to forge stronger ties and thereby contribute to accelerating progress across Asia and the Middle East,” Dubai FDI CEO Fahad Al Gergawi said.
