34 Years of UAE-China Relations. How Will Both Countries Benefit?
The UAE and China recently marked 34 years of relations, a significant milestone and one which is indicative of the potential for trade opportunities between the two countries. With both having embassies in the other’s country, and Chinese president Xi Jinping having visited the UAE recently, it seems that there is plenty of scope for relations to blossom, and major talks between leaders are likely to lay out a vision for the future relationship between the two.
It was 34 years ago, however, that diplomatic relations were officially strengthened, and the UAE has even issued stamps with leaders from both countries emblazoned on the front. With both countries poised to build on current relations, there could well be a promising future for their respective economies.
China and the UAE have worked together to create a 10 point plan, which aims to strengthen their diplomatic and economic partnership and boost the prosperity of both nations. Part of this plan includes working on China’s ‘Belt and Road’ initiative, which involves connecting China with Middle Eastern countries to forge sustainable and effective trade routes/partnerships.
The plan also includes closely working together in the fields of technological innovation and science, with scientists from the UAE being able to conduct short term research in China to broaden their capabilities and experience. Both countries also plan to make free movement of their citizens to their counterpart much easier, which could well serve to enhance trade and business opportunities.
The cooperation in the field of technology will also present opportunities for high tech startups to flourish, which should also help to stimulate a good deal of investment in the technology sector itself. In fact, the majority of sectors in both countries should see at least some level of growth, and there may well be more opportunities for Chinese investors to invest in the UAE economy (and vice versa).
Oil and Gas
It is also important to stress, though, that these forward-thinking nations are not unaware of the limited nature and polluting effects of fossil fuels, and have also agreed to invest in renewable energy generation, which will not only benefit their energy sectors, but also the entire planet.
The thriving relations between China and the UAE currently seem unstoppable, and may well continue to strengthen for many years to come. As such, investors will want to keep an eye on future developments, as well as the potentially very lucrative upcoming investment/trade opportunities.