UAE, China ink 19 agreements in key sectors to boost investments, collaboration

UAE, China ink 19 agreements in key sectors to boost investments, collaboration

Source: https://economymiddleeast.com/
Credit: Yara Abi Farraj

The UAE and China have recently signed a series of agreements and memoranda of understanding (MoUs) across various sectors to enhance bilateral cooperation. These agreements cover areas such as tourism, industry, technology, media, and the Belt and Road Initiative, among others.

President His Highness Sheikh Mohamed bin Zayed Al Nahyan and Chinese President Xi Jinping oversaw the signing of these agreements, signaling a commitment to strengthening ties between the two nations. Notable among these agreements is the establishment of the China-UAE high-level investment cooperation committee, aimed at fostering investment collaboration.

Additionally, the two countries signed agreements to promote investment cooperation in green development and established a cooperation plan for the Belt and Road Initiative. This initiative, launched by President Xi Jinping in 2013, seeks to link multiple countries through infrastructure and trade projects, covering a significant portion of the global economy.

In 2023, the UAE’s non-oil trade with China surged to $81 billion, marking a 4.2 percent increase from the previous year. China remains the UAE’s top non-oil trade partner, representing 12 percent of its trade activities.

The collaboration extends to the tourism sector, with agreements signed to enhance cooperation in tourism and cultural exchanges. The UAE attracted over one million Chinese tourists in 2023, highlighting the importance of tourism in bilateral relations.

Moreover, agreements were reached in science and technology, intellectual property cooperation, higher education, and joint Chinese language education. These agreements reflect a comprehensive approach to strengthening cooperation in various fields.

Other notable agreements include cooperation in media, peaceful uses of nuclear energy, recognition of seafarers’ certificates, health cooperation, and statistical cooperation.

These agreements underscore the commitment of both nations to deepen their partnership across multiple sectors, contributing to mutual growth and development.