dubai [UAE], June 15 (ANI/WAM): The Dubai Multi Commodities Center (DMCC) has announced a massive 24% increase in the number of Chinese companies setting up in its free zones so far this year. The announcement was made by DMCC at the conclusion of a series of China roadshows held at business and trade hubs in Shanghai, Guangzhou and Chongqing.
This is the first time that DMCC has held a physical roadshow in China in three years. During this period, DMCC showcased the booming business environment in Dubai and how DMCC serves as the preferred central platform and business district for Chinese companies to expand in Dubai and internationally.
As part of the roadshow, DMCC signed a strategic memorandum of understanding (MoU) with the China (Shanghai) Pilot Free Trade Zone Lingang New Area (LGSAC).
The MoU will see the two entities collaborate in areas such as innovation, commerce, logistics and trade. The agreement will allow both parties to establish and explore specialized services for companies in Dubai and Shanghai, simplifying the requirements and processes for companies wishing to set up in these two regions.
During roadshows in Shanghai, Guangzhou and Chongqing, DMCC executives briefed more than 600 business leaders from various industries on the benefits of doing business in Dubai through DMCC, one of the most connected business districts in the world. Earlier this year, DMCC hosted over 200 Chinese business leaders at a dedicated China Business Day to celebrate the growing economic relationship and further strengthen ties between the two countries.
Ahmed Bin Sulayem, Executive Chairman and CEO of DMCC, added: “With over 770 Chinese companies in our free zone and the number is always growing, China is one of the most strategic markets for DMCC. Such a dynamic and exciting time to return to China at a time when China’s bilateral trade outside of oil grew by more than $72 billion last year. This MoU with LGSAC is the latest statement of intent as we aim to further simplify doing business with larger trade flows and shared economic prosperity.”
Zhao Yihuai, deputy director of the Lingang New Area of the China (Shanghai) Pilot Free Trade Zone, said: “We see the UAE as an important trade and business partner, while Dubai plays an important role as a facilitator of international trade. Our partnership with DMCC is This comes at a strategic moment as the leaders of China and the UAE set a target to increase bilateral trade to US$200 billion by 2030. We believe the agreement will further strengthen ties between the two countries and provide better access for businesses Two markets.”
DMCC has made creating a bespoke ecosystem, including Yingtian Chinese Business Center DMCC and its Chinese version website, a top priority in attracting Chinese businesses to Dubai. To further assist Chinese companies, DMCC opened a China Service Center at Almas Tower, providing Mandarin onboarding support at all customer touch points. In 2020, DMCC opened a representative office in Shenzhen to facilitate the process of setting up Chinese companies. (ANI/WAM)
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