Abdullah Bin Ahmed al Saleh, the UAE Ministry of Economy for Foreign Industry and Trade Undersecretary emphasized the role of the UAE as a big gateway for trade for investments and businesses in China entering the region as well as growing towards various African and European markets.
He cited the solid relations the country had with China, in which the UAE says is the second biggest trading partner.
That statement the Undersecretary made in a speech during the China-Eurasia Expo that began recently and runs until September 25 in Urumqi, the Xinjiang Province capital in China.
He spoke at a trade and investment forum for development offered by nations involving the clothing and textile sectors.
He said overall volume exchange between China and the UAE including free zone and oil trade was close to $54.7 billion during 2015, which represents an annual increase of 16% over the last six years.
The Undersecretary said that China was at the top of the list for trading partners for Dubai valued at nearly $1.3 billion during the 2016 first quarter.
He explained the UAE recognizes the textile industry’s role in supporting non-oil trade and economic growth in UAE, providing new job opportunities as well as increasing the earnings of foreign currency.
He stated that the total trade in textiles for UAE was at close to $15 billion during 2015 topping every other Arab country. That figure amounted to close to 25% of the entire textile trade in the Arab world last year.
UAE is No. 11 globally in the import of textiles with a share of more 2.3% of the total imports worldwide.
He noted further of the importance in cooperating in the sector with China since it exports one third of the textiles in the world.
China provides more of these goods that arrive in the UAE than any other country accounting for up to 36.5% of the country’s total imports of fabric.
He also spoke of the key role that the Xingjiang province plays supporting the industry that provides close to 60% of all crops of cotton produced in China.
He added that the UAE was focusing on a number of other vital sectors of the economy that supports the thrust towards making an economy that is knowledge-based and diversified.