China's Hainan promotes trade cooperation with the UAE

HAIKOU, China, Sept. 18, 2023 /PRNewswire/ -- A report from Hainan International Media Center (HIMC):

From September 13 to 15, a delegation from southern China's Hainan Province visited the United Arab Emirates (UAE) to enhance bilateral trade relations and boost industrial, cultural, and technological cooperation under China's Belt and Road Initiative (BRI).

The tropical island province signed a memorandum of understanding with DP World, a leading local port operator in Dubai, and other agreements with the UAE companies in tourism, aviation, logistics, technology, and other services.

During the delegation's visit, the Hainan Free Trade Port (FTP) Promotion Conference was held, attended by representatives from the UAE's Ministry of Economy, Ministry of Energy & Infrastructure, Abu Dhabi Department of Economic Development, and the World Free Zones Organization, as well as from the Chinese Embassy in the UAE, Consulate-General of China in Dubai, and other Chinese companies and associations in the UAE.

Investors from the Jebel Ali Free Zone, Abu Dhabi Ports and Airport, Dubai International Airport Duty-free Store, DP World, Group 42 (a UAE artificial intelligence and cloud computing company), Dubai UAS International Trip Support, and other UAE companies were welcomed to invest in the Hainan FTP.

Since the UAE joined the China-proposed BRI, the two countries have witnessed their partnerships extend into many fields. Bilateral trade between Hainan Province and the UAE has seen growth spurts over the past few years, with the two sides being a good match in terms of natural resources and industrial structures.

Breaking the numbers down further by years, the trade volume between the two places in 2021 had increased 10 times since 2020, further doubling in 2022. The first half of 2023 saw trade volume surpass that of the whole of 2021.

During this year's Boao Forum for Asia annual conference, the Hainan FTP joined Dubai's Jebel Ali Free Zone, along with other free trade zones (ports) in China and around the world, in an initiative calling for partnerships between free trade zones (ports) worldwide.