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UAE, China creating road map for a century of prosperity

UAE, China creating road map for a century of prosperity

The state visit to the People’s Republic of China by His Highness Sheikh Mohamed Bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, accompanied by a considerable UAE delegation of government and businesses, from July 21 to 23, has advanced the relationship between our two countries in very real and practical ways.

This proved to be a momentous visit, with many noteworthy achievements. What was agreed was summed up succinctly through an announcement echoed by both President Xi Jinping and His Highness Sheikh Mohamed Bin Zayed, that China and the UAE will work towards increasing bilateral trade volume to $200 billion (Dh734 billion) by 2030. The target here is more than a threefold increase, as trade is now estimated to be worth around $60 billion annually. So, we can see extremely ambitious plans, testament to the deepening relationship between our two nations.

In order to achieve a practical way of making strides towards this target, the Chinese and UAE delegations, led by Jinping and His Highness Sheikh Mohamed Bin Zayed respectively, signed 16 agreements and Memorandums of Understanding (MoUs), with the aim of strengthening cooperation across a vast number of areas, including economy, trade, investment, technology, artificial intelligence, culture and education, as well as protecting the environment and achieving food security. We now have a substantial result in this respect, complementing the strong synergy from Jinping’s visit to the UAE last year, with 14 MoUs and the setting in motion of the Comprehensive Strategic Partnership.

Cross-border investments have increased in a significant way, and Chinese companies and UAE companies are working in tandem to share technology, capital and market access. Financial cooperation is also deepening, as demonstrated by the agreement for China Everbright Group to set up its Mena financial and investment hub in Abu Dhabi Global Market.

A bold vision was outlined as Jinping and Sheikh Mohamed Bin Zayed sat down together, they also signed an agreement aligning them with common goals. This document included commitments to development, growth, prosperity and stability. Among other aspects, there was also an agreement to adhere to the principles of mutual interest, equality and understanding.