UAE-China relations strengthen on trade, investment and technology fronts
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Trends Research and Advisory has published a comprehensive report titled “China’s modernization and the development of China-UAE relations.”
The report highlights growing cooperation between the two countries in various fields, including trade and investment, technology and culture.
The report addresses cooperation within the “Belt and Road” initiative. He highlighted that the United Arab Emirates is an important player in the land route of the initiative, which links China with Europe through Central Asia.
The report indicated that several important projects have been implemented within this initiative, such as the model park for cooperation in industrial capabilities between China and the United Arab Emirates, the second phase of the container terminal at Khalifa port and the Dubai photovoltaic thermal energy.
The report also covered economic and trade cooperation between the two countries, with China being the UAE’s largest trading partner for many years. The report noted that the UAE has maintained its position as the largest market for China’s exports in the Middle East.
The total volume of bilateral trade reached around 95 billion dollars in 2023. The two countries seek to strengthen their economic relations and increase trade exchange to 200 billion dollars by 2030.
China and the United Arab Emirates established and managed the first joint investment fund between China and Middle Eastern countries. They signed the first agreement that considered the “Renminbi” as a recognized currency in the Middle East and established the first “digital currency” bridge between the central banks of three countries and four regions.
The Chinese Central Bank (People’s Bank of China) and its UAE counterpart signed an agreement to renew the currency swap between the UAE and China for a period of five years for a total value of $4.9 billion.
The report analyzed cooperation in the field of high technology and highlighted the cooperation between the UAE and China in building the world’s first artificial intelligence university in Abu Dhabi.
The two sides cooperated to carry out the first phase of the international clinical trial of the Covid-19 vaccine. The report indicated that cooperation between the two countries in the digital economy, vital health, space and other fields has also witnessed great progress.
Regarding close interpersonal and cultural exchanges, the report indicated that “One Hundred Schools Project“Chinese teaching in the UAE has become the world’s leading model, and the Chinese Cultural Center-UAE It will be operational soon.
News source: Emirates News Agency
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