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Home » Business » Economy

UAE a land of innovation and great opportunities

Ashwani Kumar

Last updated on July 21, 2018 at 08.35 pm

His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, and His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, during a meeting with Chinese President Xi Jinping in Abu Dhabi.

(Wam)

Each emirate in the UAE is unique and presents good investment opportunity to enhance the UAE-China strategic partnership in various sectors, the UAE-China Economic Forum heard.

At the forum organised by the Ministry of Economy and the Abu Dhabi Chamber of Commerce and Industry, representatives from government entities of each emirate presented potential investment opportunities to Chinese businessmen. All of them highlighted the new decisions by the UAE Cabinet allowing 100 per cent ownership to foreign investors. Representatives involved in investment promotion pointed out key opportunities for cooperation and partnership across economic sectors.

Officials from Dubai and Abu Dhabi talked about the ease of doing business, facilities available at free zones and infrastructure at ports and airport among others. Sharjah representative noted how foreigners no longer need a UAE residence visa to purchase a property in the emirate.

Promoter from Ajman promised that even though small, the emirate possessed resources to match peers.

A presentation entitled 'Emirates the Land of Innovation' highlighted the country's policy of encouraging innovation across various economic sectors and the initiatives taken by government and private institutions in this regard. There was focus on the wide range of opportunities available in terms of trade, investment, tourism, culture, science and technology sectors.

Officials also stressed that sectors related to innovation, technology, scientific research, advanced industries and small and medium-sized enterprises will assume top priority.

Humaid Mohammed bin Salem, secretary-general of the Federation of UAE Chambers of Commerce and Industry emphasised the importance of the forum as a platform to strengthen trade ties between the private sector in the UAE and its counterpart in China, in the light of strong common interests and foundations for establishing joint ventures that serve the development process of the two countries.

Chinese Business Council in the UAE chairman Huang Yongzhang in his address spoke about the comprehensive development of economic and trade relations between China and the UAE since the establishment of a strategic partnership between them in 2012, which led to tangible achievements across various fields. He added that as per initial estimates China's actual investment in the UAE exceeded $3 billion in 2017.

The forum, supported by the Ministry of Foreign Affairs and International Cooperation, Abu Dhabi Investment Bureau and UAE Chambers Federation, stressed on the importance of taking advantage of their respective economic, trade and investment assets and exploring further opportunities for future cooperation.

The officials present included those from the various departments of the Ministry of Economy, Expo 2020, Sharjah FDI Office, UAE Space Agency, Abu Dhabi Quality and Conformity Council, Department of Energy - Abu Dhabi, Ajman Chamber of Commerce and Industry, DP World, Adnoc, Abu Dhabi Investment Company, Dubai Holding and others.