Trade Between UAE and China to Double in 2015
A new forecast has shown that trade between the UAE and China is set to double in 2015
The world’s economic powerhouse
Over the last decade or so China has grown to become the economic powerhouse of the world. The People’s Republic is the second largest global economy and the largest growing economy.
The UAE has capitalised on the financial might of the world’s third largest country to boost its own economy. The two nations have registered yearly trade growth of roughly 35% in the last decade, and the Emirates is now China’s second largest trading partner in the Middle East.
UAE and China will hit trade goal in 2015
Trade between the two powers measured almost US$55 billion dollars in 2014. Since establishing a stronger economic relationship, the UAE and China have always said that they expect trade to reach 100 billion yuan (around US$16 billion).
A new prediction from Chinese People’s Association for Friendship with Foreign Countries has shown that this goal may finally be reached in 2015. The Chinese Association announced during its “Dubai Week in China” event that they expect bilateral trade between the two nations to double to 100 billion yuan by the end of this year.
The UAE and China establish stronger ties
The UAE and China have struck up a closer relationship in recent years. The countries have also implemented measures to embolden political, sports and cultural ties. Meanwhile Dubai has become the People’s Republic’s entry point to the Middle East; 10% of the city’s inhabitants are Chinese nationals.
Want China Times reported that Barry Brown, Emirates Group divisional senior vice president of commercial operations, recently explained that the industrial might of the People’s Republic should help the Emirates reinforce its role as a prominent regional and global economy.
Chinese investment will help the UAE grow
Brown makes a valid point. China has become the world’s investor. The facts all point to trade between the UAE and China doubling in 2015, which means that the Emirates can expect their economy to reach new heights by the end of this year. This should then provide businesses trading within the Middle Eastern country with even more opportunities to expand their profit margins.
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