UAE and China look to revive bilateral economic activity through Digital Expo

Dubai:The Ministry of Economy of the UAE and the China Council for the Promotion of International Trade (CCPIT), will together host the first China-UAE Economic and Trade Digital Expo, a platform designed to reinvigorate trade activities between the two countries as they seek to lay the foundations for bilateral trade in the new digital economy.

Organised by Hala China, an initiative by Dubai Holding, and the China International Exhibition Centre Group Corporation (CIEC), the week-long event, 15 July to 21 July, will see leading businesses from the UAE and China interact online to explore new enterprise and economic cooperation opportunities through a range of panel discussions with industry leaders. The seamless migration of the economic and trade interaction between the two countries to a digital platform reflects the focus of the recently-announced UAE cabinet restructuring – agile digital-first governance in a post-pandemic world.

“Bilateral trade between the UAE and China, like many, have met with a speedbump in 2020. Yet, the deep bonds, adaptability and ambitions to innovate that our two nations share will see us laying the foundations for mutual growth in the new digital economy we are transitioning towards,” said Sheikh Ahmed bin Saeed Al Maktoum, Chairman of Dubai Holding.

Bileteral trade

Prior to the disruption caused by the coronavirus (COVID-19) pandemic, bilateral trade between China and the UAE had looked set to grow quickly, according to the UAE’s Ministry of Economy figures. Official figures showed that bilateral trade exceeded $50 billion in 2019 – a 16 per cent increase from 2018. Non-oil exports from the UAE to China grew by 64 per cetn in the same period driven by the UAE’s aggressive economic diversification. The two countries had set their sights on bilateral trade climbing towards the $100 billion mark before the COVID-19 pandemic created an unprecedented global economic shock.

“The UAE is China’s most important trade partner in the Arab world, accounting for 26 per cent of total non-oil-foreign trade between China and Arab countries. With this event we once again express our commitment to fostering a deeper relationship between our two nations,” said Sheikh Majid bin Abdulla Al Mualla, Chairman of the Board of Directors, Hala China.

The newly-launched China-UAE Economic and Trade Digital Expo, which aims to become a hub for collaborative business launches, trends and ideas across various sectors, expects to bring together over 100,000 attendees across the seven days of the event.

Crisis can be turned into opportunity. China-UAE Economic and Trade Digital Expo showcases how technology can be applied to create new forms of bilateral cooperation to deepen China-UAE’s community of shared future for mankind amid the COVID-19 pandemic, contribute to the economic recovery and Globalisation 2.0 in the post-pandemic period,” said Li Xuhang, Consul General of the People’s Republic of China in Dubai.