May 21, 2024
Markets GCC UAE

UAE and China’s Hainan Province sign multiple trade deals

 The signing of four major private-sector agreements will boost the rapidly expanding trade and investment ties between the UAE and the Chinese province of Hainan.

A signing ceremony took place during the Hainan Promotion Conference in Dubai. It was attended by Dr Thani bin Ahmed Al Zeyoudi, UAE Minister of State for Foreign Trade, and Liu Xiaoming, Governor of Hainan Province.

Hainan is an island province located in the southernmost part of China.

It is home to a free-trade port that is projected to be the largest in the world by 2035 and also hosts the Boao Forum, an annual meeting of political and business leaders that has been described as ‘Asia’s Davos.

The agreements between the UAE and Hainan include:

  • A Memorandum of Understanding between Ajlan & Bros Holding, Hainan Airlines Holding and Yangpu Economic Development Zone Management Committee, which was signed by Edison Gao, China-based Vice President of Ajlan & Bros Holding, Ding Yongzheng, Chairman of the Executive Board of Hainan Airlines Holding and Chen Yang, Mayor of Danzhou Municipality.
  • A Cooperation Framework Agreement between Dubai Integrated Economic Zones (DIEZ) and Hainan Airport Infrastructure Co Ltd., signed by Dr Mohammed Al Zarooni, Executive Chairman of DIEZ, and Yang Xiaobin, Chairman at Hainan Airport Infrastructure Co Ltd.
  • A Global Strategic Partnership between Fusion Specialized Shipping and Logistics LLC, Hainan GLA, and Hainan Logistics Group, signed by Thomas Gregory, CEO of Fusion Shipping Worldwide, Sun Wenfang, President of Hainan GLA, and Liu Hairong, Chairman of Hainan Logistics Group.
  • A Strategic Cooperation Agreement between UAS International Trip Support and Hainan Provincial Bureau of International Economic Development (IEDB), signed by Mohammed Husary, Executive Chairman of UAS International Trip Support and Yang Shanhua, Deputy Director of Hainan IEDB.

Jointly organised by the UAE International Investors Council, the Department of Commerce of Hainan Province and the Hainan Provincial Bureau of International Economic Development, the Hainan Promotion Conference gathers business executives, trade promotion agencies and business associations from both the UAE and Hainan Province to present the most promising trade, investment and joint-venture opportunities.

In his welcoming address, Dr Thani Al Zeyoudi invited investors from Hainan to take advantage of the UAE’s dynamic business ecosystem, including its offering of 100 per cent foreign ownership, light-touch regulation, and fast-track setup processes. He also promoted the country’s unrivalled access to global markets, several of which have been enhanced by the UAE’s Comprehensive Economic Partnership Agreement programme.

Al Zeyoudi highlighted the growing relationship between Hainan and the UAE, which has resulted in bilateral non-oil trade more than doubling in 2022 to reach US$900 million.

The UAE’s exports to Hainan surpassed $653 million in 2022, representing a growth of 98.2 per cent. Imports, meanwhile, climbed 110.6 per cent to reach $258 million.

Al Zeyoudi noted: “Bilateral trade and investment flows between the UAE and Hainan Province continue not only to deepen but also diversify. The Hainan Promotion Conference in Dubai and the agreements we have concluded reflect the growing synergies that exist between our two thriving economies.

“Our shared belief in rules-based trade and the ongoing development of world-class logistics infrastructure provide the ideal platform to accelerate our trading relationship and secure vital East-West supply chains.”

Liu Xiaoming said: “Last month, the UAE joined the BRICS group, and next year, our nations will celebrate the 40th anniversary of diplomatic relations. Under the guidance of our heads of state, it is such a pleasure to be able to meet with Dr Thani to discuss and further deepen the pragmatic collaborations between Hainan and the UAE.

“We wish to join hands with our UAE partners to promote high-quality development while engaging in the Belt and Road initiative. I believe together will accomplish fruitful outcomes in free zones, connectivity, finance, trade and other industrial cooperation.”

Others attending the Hainan Promotion event represented leading Middle Eastern and Hainan private sector entities spanning trade, logistics, investment, real estate, finance and public affairs.

Last Updated on 3 months by Middle East News 247

    Middle East News 247

    Middle East News 247

    Middle East News 247 delivers the latest business and lifestyle news and essential infotainment for, and from the Middle East region, with key focus on the GCC nations: United Arab Emirates (UAE), Saudi Arabia, Qatar, Bahrain, Kuwait, and Oman.
    Follow Me:

    Related Posts