Abu Dhabi-Sino Investment Forum to boost trade in non-oil sector held

WAM – The Abu Dhabi-Sino Investment Forum, organised by the Abu Dhabi Department of Economic Development (ADDED) at Crown Plaza Hotel in Abu Dhabi lyesterday, attracted more than 250 businessmen and investors.

The event was also attended by Sheikh Nahyan bin Hamdan bin Mohammed and Chinese officials.

The Acting Under-Secretary of the ADDED, Khalifa bin Salem Al Mansouri, in a speech read out on his behalf by Ahmed bin Ghanam, Executive Director for International Economic Relations Sector at the department, welcomed the Chinese businessmen and investors. He also welcomed the presence of Sheikh Nahyan bin Hamdan.

The participation of China in this forum reflects the keenness of China to boost development projects with the UAE and open wider promising opportunities for both sides, he added.

Bin Ghanam stressed that the Government of Abu Dhabi is embarking on the reforms that focus on diversification of economy away from dependence on oil and gas through investing in human resources, innovation and development of a knowledge-driven economy in accordance with the Abu Dhabi Economic Vision 2030.

Abu Dhabi currently has a fast growth economy as the GDP rose to AED780 billion in 2015 from AED492 billion in 2005, at the growth rate of 6.3 percent in 2015, he said, adding that non-oil activities in the Emirate of Abu Dhabi contributed 51.1 percent to the GDP at the end of June 2016.

Abu Dhabi's economy is currently based on a wide range of non-oil activities in addition to its hydrocarbon resources. The manufacturing, renewable energy, aerospace, banking and finance, information technology and communication, tourism and real estate are also important elements in Abu Dhabi today's economy, he explained.

Bin Ghanam noted that Abu Dhabi has strengthened the economic partnership with China as the trade co-operation in the non-oil sector between China and Abu Dhabi reached AED6.6 billion in the first half of 2016, compared to AED4.2 billion in the first half of the year 2015, at a growth rate of 57 per cent.

He noted that Abu Dhabi and China signed an agreement to launch a joint investment fund worth US$10 billion at the end of 2011. The fund mainly focusses on direct equity investments in China and the UAE. It will contribute to ongoing efforts to boost the strong partnership, he added.

Commercial attache at Chinese Embassy to the UAE praised the role of the Economic Development Department of Abu Dhabi in organising the forum in collaboration with the Abu Dhabi Chamber of Commerce and Industry and the Chinese Business Council of China Council for the Promotion of International Trade in the Arabian Gulf region.

The forum aims to achieve consensus and mutual understanding between the two sides as a result of the recent visit of His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, to China last year, he said.

The Chinese official noted that it would further contribute to providing opportunities for Chinese companies to learn more about Abu Dhabi and enhance exchanges with their counterparts in the Emirate of Abu Dhabi to seek more opportunities for investment and co-operation.

He stressed that this forum comes at a very appropriate time on the backdrop of lower oil prices and a slowdown in the global economy. Therefore, China and the UAE felt the repercussions that have occurred on the economic development and trade.

Both sides are doing what they can to restructure the economy through reform and innovation, the Chinese official added.

WAM/Majok/tfaham