Trade between UAE and China grows sharply

11/09/2012 - Dubai Investment News Posted by Bob Brunskill
Trade between UAE and China grows sharply

The UAE's economy continues to go from strength to strength and much of its success can be attributed to the country's excellent trade links with some of the biggest superpowers on the planet. New figures released by the Ministry of Foreign Trade have shown that trade between the UAE and China - the world's second largest economy - has soared in the past decade. Business activity between the two nations has risen by 395 per cent in the last ten years, as deals worth $15.65 billion (£9.7 billion) were agreed in 2011. This was compared to just $3.12 billion in 2002 and is a clear indication of how relations between the two trading hubs have blossomed over time. Experts have predicted levels of trade between the two countries to grow even faster in the coming years and this affinity with China will only serve to enhance the UAE's reputation among investors around the world. The UAE is widely considered to be one of the fastest growing economies on the planet and this is highlighted by the huge number of amazing building developments that have sprung up throughout the region in the past few decades. According to the Ministry of Foreign Trade, the UAE's rapid expansion will pave the way for greater cooperation with China in the financing, real estate, construction and foreign trade sectors. The UAE will also take part in China's Ningxia International Investment and Trade Fair 2012 and Second China-Arab States Economic and Trade Forum, which get underway this month. "We are committed to developing our commercial and economic cooperation with China, which is currently our second largest trade partner and we see this fair and forum as ideal venues to achieve this end," commented Department of Trade Promotion director Mohammad Nasser Hamdan Al Zoaby. Last year, the Ningxia fair attracted more than 300,000 visitors and over 3,000 international companies took part in the event, which highlights just how important it could be to the UAE's future prospects.