The meeting highlighted the strong relationship between the UAE and Hong Kong and discussed the prospects of enhancing cooperation across various fields…reports Asian Lite News
Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, today met with John Lee, Chief Executive of Hong Kong, at the Za’abeel Palace in Dubai.
The meeting highlighted the strong relationship between the UAE and Hong Kong and discussed the prospects of enhancing cooperation across various fields including investment, economy, trade and other vital sectors.
In his discussions with the Chief Executive of Hong Kong, His Highness emphasised the UAE’s keenness to enhance strategic partnerships with various nations to facilitate increased global trade.
The meeting also explored ways in which the UAE and Hong Kong can further strengthen their trade partnership, which has witnessed growth over the years. The value of non-oil foreign trade between the UAE and Hong Kong increased from $8.2 billion in 2014 to around $12 billion in 2021.
John Lee praised the deep partnership between Hong Kong and the UAE. He also expressed the hope that they can widen the horizons of their cooperation in various spheres, including economy, trade and investment.
The meeting was also attended by Sheikh Ahmed bin Saeed Al Maktoum, President of the Dubai Civil Aviation Authority, Chairman of Dubai Airports and Chairman and Chief Executive of Emirates Airline and Group; Sheikh Ahmed bin Mohammed bin Rashid Al Maktoum, Chairman of Dubai Media Council; and Sheikh Mansoor bin Mohammed bin Rashid Al Maktoum, Chairman of the Dubai Sports Council.
Dubai Chambers opens new HK office
Dubai Chambers announced the establishment of its new international office in Hong Kong which marks a significant step in strengthening economic and business ties between Dubai and Hong Kong.
The announcement was made on the sidelines of the UAE-Hong Kong Business Forum, which took place yesterday in Dubai with attendance of a high-level delegation from Hong Kong, led by John Lee, the city’s Chief Executive, and several UAE government and business leaders.
The office aims to promote trade from Hong Kong to Dubai and attract more Hong Kong businesses to the emirate while expanding Dubai’s presence in the Asia Pacific region.
The office will collaborate with the Hong Kong Trade Development Council and other government and private sector entities to take advantage of the growth opportunities in both economies.
The new office aligns with the “Dubai Global” initiative launched by Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of Dubai Executive Council, which aims to establish 50 representative offices for Dubai in five continents by 2030. The initiative is aimed at attracting foreign MNCs, SMEs, investors, and international talent to Dubai by showcasing the emirate’s competitive advantages and engaging with overseas stakeholders.
The MoU signed between Dubai Chambers and the Hong Kong Trade Development Council demonstrates the commitment of both organisations to support and advance mutual goals, including the development of trade relationships and business opportunities between Dubai and Hong Kong.
Overall, the new international office in Hong Kong and the MoU signed with the Hong Kong Trade Development Council are significant steps in furthering the economic and business ties between Dubai and Hong Kong, and promoting growth and development in both economies.
Commenting on the new Hong Kong Office and the MoU, Al Ghurair said,” This MoU strengthens the existing relationship and will boost trade and investment between our two economies. I look forward to seeing continued collaboration with our Hong Kong counterparts, especially with the presence of our new international office in Hong Kong. I am sure the relationship between our countries will continue to thrive and prosper in the years to come.”
As the largest trading partner for Hong Kong in the Middle East, the UAE has seen significant growth in non-oil trade with Hong Kong. The non-oil trade between the UAE and Hong Kong reached AED 22.2 billion in the first half of 2022, a 16.2% increase compared to the same period in 2021. Similarly, non-oil trade between Dubai and Hong Kong reached AED 37.2 billion in 2021.
The main products traded between Dubai and Hong Kong include precious stones and electronics, with other areas of potential trade including apparel and clothing accessories, fresh fruits, pharmaceuticals, nickel, rubber, and aircraft parts.