As the economic and business center of the Middle East region, Dubai is not only where East meets West, but also a major gateway between the region and the world – a prominent node of the “Belt and Road Initiative” (B&R).
Since the UAE proposed the Vision 2030 in 2017 to advocate development towards economic diversity, the country has been actively attracting overseas and private investment. The move tallies with China’s B&R and the two directions could be mutually beneficial for the two countries. In fact, the bilateral trade between China and Dubai has registered rapid growth in recent years. The number of Mainland enterprises investing and conducting business in Dubai are also increasing by the day.
To deepen the connection with the business sector of the Middle East, to promote the competitive edge of Hong Kong’s industrial and commercial professions, as well as to explore cooperation opportunities of B&R, the Ministry of Commerce of China and the Commerce and Economic Development Bureau of the HKSAR Government hosted an exchange luncheon in Dubai, UAE, on June 16. The Chamber and the Mainland China-Hong Kong Belt and Road Business and Professional Services Council also co-organized the event, and the Chamber formed a delegation to attend the luncheon.
The exchange luncheon saw the presence of Abdullah Ahmed Al Saleh, the UAE’s Undersecretary for Ministry of Economy; Sun Tong, Director-General of the Department of Taiwan, Hong Kong and Macao Affairs of the Ministry of Commerce; Bernard Chan, Under Secretary for Commerce and Economic Development; and Jonathan Choi, the Chamber’s Chairman. They all spoke at the occasion to share their views.
Abdullah Ahmed Al Saleh highly commended the outcomes of China-UAE economic and trade cooperation in recent years. In future, the strengths of Chinese and UAE companies will be put into their full play, so that new cooperation models, as well as cooperation in the scopes of infrastructure, technology innovation, smart city, etc can be constantly explored. The UAE government will continue to perfect the relevant laws and the regulatory system to provide more convenient and support measures.
Noting the frequent exchange visits by the senior officials of the two countries in recent years, Sun reckons that the political trust between China and the UAE is increasing continually, economic and trade cooperation is expanding steadily, and the level of cooperation is rising constantly. Stressing that Dubai is the pearl of the Middle East region while Hong Kong is the Pearl of the Orient, he hopes that the two places can function fully as “super connectors” to promote the pragmatic economic and trade cooperation between China and the UAE, and to join up to participate in the construction of B&R.
At the luncheon, Chan highlighted Hong Kong’s advantages as a global financial center and an offshore RMB hub. He encouraged B&R project owners from the Mainland and the UAE to make use of Hong Kong’s role as a financial platform. He added that Hong Kong is a place where world-class professionals converge. These professionals are very skilled in processing cross-border commercial trades as well as resolving legal and business disputes. He believes that Hong Kong could offer B&R projects with quality professional services and opinions.
Hong Kong is much more than an ideal platform for Dubai and other overseas companies expanding into the vast Mainland market. According to Choi, with more and more Mainland enterprises investing in the Middle East region and taking part in B&R projects, many of them have made use of the professional services offered by Hong Kong, including infrastructure financing, project management, commercial arbitration, etc. He hopes that companies in the Mainland, Hong Kong and the UAE could seize the opportunities in the construction of B&R, exerting their own strengths and beginning to establish strong cooperation to develop closer cooperation ties.
To further consolidate the economic and trade connections between Hong Kong and the UAE, the HKSAR Government and the UAE have entered into an Investment Promotion and Protection Agreement to boost investors’ confidence and to enhance two-way investment flows. The Chamber’s delegation was also invited to witness the signing ceremony.
During their stay in Dubai, the delegation met and exchanged ideas with Li Xuhang, Consul General of the PRC in Dubai, and Majid Al Ghurair, Chairman of the Dubai Chamber of Commerce and Industry. Li said that Dubai is currently building itself as a free port and transportation hub of the Middle East. It is also learning from the successful experience of Hong Kong and looking to attract more capital and talents from China in future. Majid Al Ghurair pointed out that there are many similarities between Hong Kong and Dubai. Dubai has very close connections with the markets of Africa and Latin America, and he believes that there is ample room for cooperation between Hong Kong and Dubai. Furthermore, the delegation also visited Abdullah Al Awar, CEO of Dubai Islamic Economy Development Centre, and Ali Ebrahim, Deputy Director General of Dubai’s Department of Economic Development, as well as exchanged views with China’s state-owned enterprises investing in Dubai.
