Printer Friendly

United Arab Emirates : Dubai Airport Freezone Authority announces new partnership with Liaoning Chamber of Commerce UAE.

Dubai Airport Freezone Authority (DAFZA), one of the UAEs leading free zones, has announced a new strategic partnership with Liaoning Chamber of Commerce UAE. The Memorandum of Understanding (MoU) will increase collaboration between the two organizations to help expand bilateral trade and create new business and investment opportunities with Liaoning province.

The MoU was signed by Nasser Al Madani, Assistant Director General at DAFZA and Yewei Fan, President of Liaoning Chamber of Commerce UAE at a signing ceremony held in the Freezone. As part of the agreement, DAFZA and Liaoning Chamber of Commerce UAE will hold regular visits and consultations and will encourage opening channels of communications, increasing knowledge and information exchange and maximising mutual support, which will increase investment and business opportunities. Participating at international investment events and conferences will also form another element of the partnership, which will help drive further cooperation.

Commenting on the agreement, Nasser Al Madani said This is an important strategic partnership that will strengthen our alliance in a number of key areas including technology, innovation, cross-border E-commence, shipping and logistics. DAFZA will support companies referred by Liaoning Chamber of Commerce to exhibit their products and services at the free zone. We will assist them in establishing their business operations and advise them on how to strengthen their offering. This will support our objectives of attracting more foreign investment to Dubai and creating long-term sustainable economic development in the UAE.

Yewei Fan added: This MoU will enable us to encourage Chinese investors to set up their businesses at DAFZA across important sectors and industries. This will have a positive impact on growing bilateral trade between Liaoning and the UAE and we look forward to continued association and partnership. Two-way trade between the UAE and China crossed $35 billion last year. As such China and the Asian market, in general, continues to be major focus areas for DAFZA and the UAE. 17% of the number of companies at DAFZA are from Asia, as reported in the 2017 results.

DAFZA targets the Chinese market through a series of campaigns in a number of provinces as Shenzhen and Guangzhou which will start in April this year. The free zone has previously signed a MoU with China (Guangdong) Pilot Free Trade Zone (GDFTZ) Nansha Area of Guangzhou (Nansha FTZ).

DAFZA recently announced that it achieved a 25% growth in its registered companies in 2017. The free zone contributed 7% of Dubai's non-oil trade, representing 18% of total free zones trade within Dubai according to official statistics. The results marked the success of its ongoing initiatives focused on increasing foreign direct investment into Dubai, supporting the nations economic diversification and UAE Vision 2021.

[c] 2018 Al Bawaba (Albawaba.com) Provided by SyndiGate Media Inc. ( Syndigate.info ).

COPYRIGHT 2018 SyndiGate Media Inc.
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2018 Gale, Cengage Learning. All rights reserved.

 
Article Details
Printer friendly Cite/link Email Feedback
Publication:Mena Report
Geographic Code:7UNIT
Date:Mar 13, 2018
Words:457
Previous Article:Afghanistan : Deputy Foreign Minister Meets Iranian Ambassador and General Consuls to Afghanistan.
Next Article:Russian Federation : Training ship Perekop, Baltic Fleet, enters the Mediterranean waters.
Topics:

Terms of use | Privacy policy | Copyright © 2018 Farlex, Inc. | Feedback | For webmasters