UAE – Mubasher: Dubai South has signed two separate memorandums of understanding (MoUs) with China Council for the Promotion of International Trade Shanghai (CCPIT Shanghai) and China Chamber of International Commerce Shanghai (CCOIC Shanghai).
The two MoUs aim at cementing economic relations between the UAE and China to promote the multibillion-dollar project Belt & Road Initiative, according to a press release.
The agreements were signed by the executive chairman of the Dubai Aviation City Corporation and Dubai South Khalifa Al Zaffin and Vice Chairman of CCPIT and CCOIC Shanghai Yu Chen on Tuesday at the Dubai South headquarters.
Under the agreement, the two parties would organise exchange visits for trade missions and conduct study groups for various economic and trade projects and offer potential key services.
Khalifa Al Zaffin said: “China continues to enhance its trade and diplomatic ties in the GCC, especially in the UAE considering it is the fifth largest source market for the country. Out of 5,000 Chinese companies in the UAE, 4,000 of them are based in Dubai alone, which represents the strong market ties between Dubai and leading Chinese markets.
“The set of new agreements aim to promote cooperation initiatives between Dubai and Shanghai and expand investment options for key companies from both cities,” he added.
Dubai South would host a number of investment and business delegations from China to explore business opportunities in the UAE’s sectors such as e-commerce, logistics, supply chain, and trading.
Moreover, CCOIC Shanghai plans to establish an official office in Dubai to serve Chinese businesses operating in the GCC market and the region.
