Dubai Chambers recently announced signing a memorandum of understanding (MoU) with the China Council for the Promotion of International Trade Beijing Subcouncil (CCPIT Beijing) with the aim of expanding trade relations and enhancing bilateral ties between the business communities in China and Dubai.
The agreement facilitates the achievement of both Dubai Chambers and CCPIT Beijing’s goals and supports CCPIT Beijing’s member companies in establishing and expanding their investments in Dubai.
The two parties will work together to support the interests of businesses in Dubai and China, as well as assist companies operating in Dubai to develop impactful partnerships with their counterparts in China and enhance their business and commercial ties in the Chinese market.
The agreement also aims to promote cooperation in areas including organizing business events such as exhibitions and conferences and arranging visits by trade and investment delegations between the two markets.
D33’s ensures promising opportunities
Dubai Chambers and CCPIT Beijing signed the agreement on the sidelines of the first international edition of the Dubai Business Forum – China which attracted 800 prominent Chinese business leaders and investors who learned more about the promising opportunities emerging for the Chinese business community in the emirate as a result of the Dubai Economic Agenda (D33).
During his opening speech at the forum, Mohammad Ali Rashed Lootah, President and CEO of Dubai Chambers, stated: “The Dubai Economic Agenda (D33) is an integrated roadmap for economic development that enhances the emirate’s competitiveness and places us firmly on track to achieve our goals of doubling the size of Dubai’s economy over the coming decade and consolidating its position among the top three cities globally.”
Lootah reiterated the chamber’s commitment to supporting the growth of Chinese companies seeking to launch in Dubai and expand into regional and global markets. He added that the forum will contribute to further enhancing the levels of trade and investments between Dubai and China, which are continuing to achieve remarkable growth.
“The total number of active Chinese companies registered as members of Dubai Chamber of Commerce increased to around 5,400 at the end of H1 2024, while the cumulative value of foreign direct investments from China to Dubai reached AED 19.85 billion between 2015 – 2023,” Lootah added.
Collaboration in key sectors
The Dubai Business Forum – China featured 18 insightful sessions addressing a range of topics and sectors including trade and logistics, artificial intelligence, FDI, renewable energy, and healthcare.
The forum also showcased the unique benefits of Dubai’s free zones, which offer numerous competitive advantages and are tailored to the needs of specific sectors. Discussions highlighted their role in supporting economic diversification and enabling investors and companies to achieve sustainable growth, particularly in terms of expanding business relationships and partnerships in multiple industries and advancing research and development to drive innovation.
AI, a key pillar
Artificial Intelligence (AI) formed a key pillar of the Dubai Business Forum – China’s agenda, with a panel session addressing the common visions of Dubai and China in this key field. Participants explored the synergies between China’s advanced research and development capabilities and the importance Dubai attaches to promoting AI applications.
In addition, it highlighted opportunities for companies and institutions to benefit from this integration by developing effective solutions and building impactful partnerships in local and regional markets.
Advancing sustainability
Sustainability and green technologies featured prominently on the forum’s agenda, with strategies to promote sustainable business forming the main focus of a panel discussion highlighting mutually beneficial opportunities in the field between Dubai and China.
The session examined the development of private sector joint ventures in the clean energy sector to promote knowledge sharing, experience, and best practices to meet the growing global demand for innovative and sustainable solutions.
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