MOUs signed with China Council for the Promotion of International Trade Shanghai and Chamber of International Commerce Shanghai
Master developer Dubai South announced on Tuesday that it has signed two separate Memorandums of Understanding (MOUs) with the China Council for the Promotion of International Trade Shanghai (CCPIT Shanghai) and China Chamber of International Commerce Shanghai (CCOIC Shanghai) to support the UAE’s engagement with China’s Belt & Road Initiative.
The agreements were signed by Khalifa Al Zaffin, Executive Chairman of the Dubai Aviation City Corporation and Dubai South and Yu Chen, Vice Chairman of CCPIT and CCOIC Shanghai, Dubai South said in a Press Statement.
The statement said that as part of the agreement, both parties agreed to host and organise exchange visits for trade missions and project study groups for various economic and trade sectors and offer services.
Al Zaffin said in the statement that the UAE is the fifth largest source market for China. He continued: “Out of 5,000 Chinese companies in the UAE, 4,000 of them are based in Dubai alone, which represents the strong market ties between Dubai and leading Chinese markets. The set of new agreements aim to promote cooperation initiatives between Dubai and Shanghai and expand investment options for key companies from both cities.”
The statement said Dubai South would host Chinese delegations visiting the UAE to explore business opportunities focused on e-commerce, logistics, supply chain and trading, and support Chinese companies to set up businesses via a diverse range of business solutions.
CCOIC Shanghai will establish an official Dubai office to serve Chinese businesses operating in the Gulf market and the region, he added.
Zhang Jianwei, Vice Chairman of CCOIC Shanghai and Chairman of Royal Belt DWC, a company based in Dubai South said in the statement that the establishment of a representative office of CCOIC Shanghai in Dubai South would help the organisation’s membership and other enterprises in Shanghai seeking to invest and develop their businesses in Dubai.
Dubai South is an emerging 145 square kilometre master-planned city located in Jebel Ali, and incorporates the world’s largest airport in the making the Al Maktoum International Airport.
CCPIT Shanghai, according to the press statement, has been promoting trade, investment, economic and technology cooperation between Shanghai and the world since 1956 and provides services for enterprises in international contact, convention and exhibition, arbitration, authentication, trading consultation and information exchange.
CCOIC Shanghai, the statement continued, has more than 3,000 members and supports companies through an information platform of international business and market conditions while providing policy and legal consultation, inbound and outbound exhibition support and trade missions.