DMCC, the Government authority on trade, enterprise and commodities in Dubai, signed a Memorandum of Understanding (MoU) with the Xi'an International Trade and Logistics Park at the Xian Dubai Free Trade Zone Economic Cooperation Conference 2017 in China.
The purpose of the MoU sets out to open doors for businesses in the UAE and China looking to expand into new markets as well as organising joint trade missions and economic delegations. They will also work together on creating a joint special economic zone passport for easier and more seamless cross-border trade and collaboration.
Commenting on the new strategic partnership, Gautam Sashittal, Chief Executive Officer of DMCC, said: “Bilateral trade between our countries continues to grow at pace and fostering closer ties in China is a priority for DMCC. By signing this agreement with the Xi'an International Trade and Logistics Park, we aim to further help member companies in our Free Zone connect and trade across China and the UAE, while easing barriers to doing business globally.”
Xi'an International Trade and Logistics Park was established in China’s Shaanxi province, to better enable the city of Xi'an to develop its industrial structure and power grid, as well as develop its local service industry with the aim to establish an inland logistics hub.
China remains the UAE’s top trading partner, with combined non-oil trade currently at $46 billion. The UAE’s Ministry of Economy announced earlier this month that the country’s investments in China totalled $2.1 billion in 2016.
Last week, DMCC announced that it signed an MoU with the China Chamber of International Commerce (CCOIC), to explore the possibility of establishing a joint business council, organising cross-border trade delegations, as well as enhancing collaboration in the legal services sector.
DMCC has also played a key part in the annual Dubai Week in China, a government initiative to deepen the knowledge and understanding of Dubai’s strategic advantages among Chinese officials, business leaders, entrepreneurs and investors. DMCC also announced last year the signing of an MoU with the Zhongwei Ningxia Municipal People’s Government, which oversees significant trade in Halal food.
There are currently 293 companies registered in the DMCC Free Zone representing the People’s Republic of China, as well as the Hong Kong Special Administrative Region. These include leading firms in energy, construction and commodities, such as China Harbour Engineering Company, Gulf Petroleum Technology Service, Hikvision FZE, Powerchina Middle East Business Development, Sepcoiii Electric Power Construction Corporation, Shenyang Yuanda Aluminium Industry Engineering Co. Ltd, and Skyworth Middle East.