DMCC, the Government authority on trade, enterprise and commodities in Dubai, signed a Memorandum of Understanding (MoU) with the China Chamber of International Commerce (CCOIC). The agreement was signed at the China-Arab States Business Summit 2017 in Yinchuan, China.
The purpose of the agreement is 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.
Commenting on the new strategic partnership, Gautam Sashittal, Chief Executive Officer of DMCC, said:
“At DMCC and Dubai, we seek to create an environment where businesses can flourish, while empowering our member companies to expand into new markets. By collaborating with China Chamber of International Commerce, we aim to drive the future of trade by enhancing our member companies’ ability to connect, trade and invest with businesses across China.”
Members of the CCOIC include leading Chinese businesses and organisations that are active in international trade and investment. This agreement will enhance DMCC’s relationship with Chinese businesses, and facilitate further trade and cooperation with China.
Today, bilateral trade between the UAE and China remains robust. China ranks as the UAE’s largest trading partner, with a value of AED 170.2 billion in 2016. Over the past three years, cumulative bilateral trade reached an eye-popping AED 520.6 billion.
There are currently 293 Chinese and Hong Kong companies registered in the DMCC Free Zone including leading firms in energy, construction and commodities. Some of these include 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.
In 2016, DMCC took part in 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.