Shanghai, Abu Dhabi officials vow closer economic, trade ties

Top officials of Shanghai and Abu Dhabi have pledged closer economic and trade ties and outlined a regular collaboration framework to further strengthen resource sharing, project coordination and talent exchange to reinforce the long-term economic cooperation between the two regions.

A roadshow and matchmaking event was held in the city on Wednesday to facilitate better business interaction and investment intentions between Shanghai and Abu Dhabi, the capital of the United Arab Emirates (UAE).

Hosted by the Abu Dhabi Investment Office, the Abu Dhabi Chamber of Commerce & Industry and the Shanghai Commerce Commission, about two dozen government officials and commerce executives from Abu Dhabi and representatives from over 30 local companies participated in the event, which saw many sessions.

In his opening remarks, Shanghai Commerce Commission director Zhu Min talked up Shanghai's favorable business environment, consumption trend and latest development in cutting-edge technologies.

A roundtable mechanism that facilitates better communications and exchanges between government officials and foreign enterprises has also been put in place, he added.

"We welcome overseas investors and local businesses to find the right partner and investors to make connections through the meeting."

The UAE has set up over 120 businesses in Shanghai with a combined investment value of US$320 million and Shanghai companies have invested a total of US$302 million in 42 projects in Abu Dhabi, according to Zhu.

The strategic cooperation agreement signed between the Shanghai Federation of Industry and Commerce and the Abu Dhabi Chamber of Commerce aims to establish a regular cooperation mechanism aimed at promoting resource sharing and project alignment between the two regions.

The agreement aims to foster an environment of mutual trust and economic integration, encouraging sustainable development, innovation and deeper cultural exchanges. It outlines a regular collaboration framework to further strengthen resource sharing, project coordination and talent exchange, reinforcing the long-term economic cooperation between the two regions.

According to Ahmed Jassim Al Zaabi, chairman of the Abu Dhabi Chamber of Commerce and Industry, Chinese investments in the UAE rose 16 percent and UAE investments in China surged 120 percent, accounting for 90 percent of Arab countries' investments in China by the end of 2023.

And the UAE is home to more than 6,000 Chinese companies which witnessed a 38 percent increase in Chinese companies registering with the Abu Dhabi Chamber.

Shou Ziqi, Vice Chairman of the CPPCC Shanghai Committee, who is also Chairman of the Shanghai Federation of Industry and Commerce, highlighted the solid cooperation in areas such as port construction, smart management, and green development, noting the enormous potential for future collaboration between Shanghai and Abu Dhabi.

The UAE has a strong desire for high-tech solutions and the bilateral trade between the two countries would also contribute to the Belt and Road Initiative, according to Geng Wei, co-founder of MiQro Era Digital Technology Co Ltd.

Evopoint Biosciences Co Ltd Chief Strategy Officer Zhou Zhimin also hoped that potential collaboration with the UAE could help meet China's needs in the health and wellness areas and could boost closer ties with the Belt and Road countries.

Meanwhile, an economic delegation, led by the Abu Dhabi Department of Economic Development consisting of 140 senior officials, will meet Chinese leaders and representatives of both the public and private sectors to enhance cooperation and attract talents, businesses, and investment.