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The Dubai Chamber of Commerce welcomed a large business delegation from the Hong Kong Chinese General Chamber of Commerce (CGCC) and signed a Memorandum of Understanding aimed at strengthening economic cooperation.
Dr. Joseph Tsai, chairman of the Chinese Chamber of Commerce, led a 26-member delegation of senior Hong Kong businessmen including investors, financiers and real estate agents.
The MoU is part of the group’s three-day UAE tour and aims to strengthen the mutual ties between the two parties to further strengthen the business relationship.
Knowledge Sharing
Under the terms of the agreement, the two chambers will explore opportunities to facilitate knowledge sharing, enhance mutual support for trade and investment missions, and collaborate in participation in trade fairs, conferences, business matching events and other networking events.
Mohammad Ali Rashed Lootah, President and CEO of Dubai Chamber of Commerce, said: “The trade mission was a huge success and the signing of the MoU heralds closer trade ties between Dubai and China. We shared with the delegation the vision, mission, goals and activities of the Chamber, as well as some of the current challenges and opportunities facing the UAE business community.”
Commenting on the trade opportunities, he added: “Imports and exports between our two countries are stable, but more can be done. We see great potential to import more garments, ships and parts, steel and textiles. In exports On the one hand, our data shows that there is an opportunity for the UAE to export more ships, textiles, gums and resins, and silk products to Hong Kong and China. From an investment perspective, we see some Exciting opportunities, which we hope this MoU will encourage.”
Imported from China
The second largest commodity imported by the UAE from China is machinery, followed by vehicles and parts. After electronics, China mainly imports plastics, cars and components, and machinery from the UAE.
Founded in 1900, the Chinese General Chamber of Commerce is one of the oldest and largest chambers of commerce in Hong Kong. It has strong ties to mainland China, notably through its support for the Belt and Road Initiative and the development of the Guangdong-Hong Kong-Macau Greater Bay Area (GBA). More recently, the Chamber has focused on advancing the globalization of its members and the Dubai Chamber welcomes this prospect with the signing of a new Memorandum of Understanding. — trade arab news agency
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