Dubai Chambers recently announced signing a memorandum of understanding (MoU) with the China Council for the Promotion of International Trade Beijing (CCPIT Beijing) at the sidelines of Dubai Business Forum – China with an aim of promoting trade relations and bilateral ties between both the countries. This will also help the member companies of CCPIT Beijing in establishing and expanding their investments in Dubai.
As a part of this Mou both the 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 to 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: An integrated roadmap for Dubai’s economic development
Dubai Chambers and CCPIT Beijing signed the agreement on the sidelines of the first international edition of the Dubai Business Forum – China.
This forum attracted over 800 prominent Chinese business leaders and investors who learned more about the promising opportunities emerging for the Chinese business community in the emirate of Dubai.
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 further stressed on the chamber’s commitment in supporting the growth of Chinese companies seeking to launch in Dubai and their global expansion.
He added that the forum will contribute to further enhance 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
This forum also provided the companies an ideal platform to take part in the sessions the topics of which ranged from logistics, artificial intelligence, FDI, renewable energy, and healthcare.
The forum also highlighted 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 major discussion topic
Artificial Intelligence (AI) was a major topic of discussion during this forum where 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.
An eye on sustainability
Extensive discussions were held during the session which touched upon much discussed topic these days: Sustainability and green technology.
