Business / Economy

UAE gateway to Mideast for China's products: minister

(Xinhua) Updated: 2016-03-17 10:11

DUBAI - A senior trade official of the United Arab Emirate said on Wednesday that trade and economic relations between his country and China are "strong."

Sultan Al-Mansouri, UAE's minister of economy and foreign trade, said in a e-mailed statement that UAE is considered a gateway to about 60 percent of China's exported merchandise to the regional market.

The minister also noted that the trade volume between the two countries in 2014 surpassed $46 billion, a 28-percent increase compared to that of the previous year.

Now almost 300,000 Chinese citizens live and work in the UAE, along with over 4,000 companies, 249 trade agencies, and 5,451 registered Chinese brands, according to the ministry of economy.

Al-Mansoori said the UAE, a major oil supplier, has become a Middle Eastern hub and "an ideal channel linking east and west," attributing that to reasons including political stability and security, as well as "world-class" infrastructure and legislative environment that are supportive of the country's business climate.

The UAE also has 34 tax-free various free zones, consolidating its position as an developed investment destination not only in the region but around the world, he noted.

He believes that there is still great potential for further cooperation between the two sides, while the UAE is eligible for a "dominant added-value role" in China's belt and road initiative.

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