UAE, Shanxi eye economic ties

A Shanxi-United Arab Emirates (UAE) Economic and Trade Cooperation Promotion event was held in Dubai on Oct 22.

Several UAE business representatives attended the event in the hope of enjoying new opportunities with Chinese companies and investing in Shanxi.

Shanxi Provincial Committee of China Council for the Promotion of International Trade (CCPIT) and the United Arab Emirates Association of Chinese Businessmen signed a partnership agreement to facilitate long-term economic and trade exchanges and investment between Shanxi and the United Arab Emirates.

Jin Lei, counselor of the Economic and Commercial Section of the Consulate General of China in Dubai, introduced the opportunities, laws and regulations for investors in the UAE. Liu Yiyou, chief economist of Shanxi Board of Investment Promotion, outlined Shanxi's investment environment and recommended five key investment industry clusters at the promotion event.

There are good prospects for investment and partnerships between Shanxi and the UAE, said Chen Hecai, director of Shanxi Provincial Committee of CCPIT.

The UAE is currently promoting economic diversification and industrialization, and has become a financial, commercial, logistics, tourism and commodity distribution center in the Middle East.

Shanxi has an advanced industrial system which neatly complements many of the UAE's economic strengths, including its equipment manufacturing, renewable energy, infrastructure construction, new materials, tourism, and modern logistics industries.

The Middle East leg of the 2018 Shanxi Brands Silk Road Tour was also launched after the promotion event. And a group of 13 Shanxi companies took part in the 20th International Exhibition & Conference on Water, Energy Technology and Environment which opened in Dubai on Oct 23.