UAE's AIM, China's CVCRI ink MoU to boost Belt and Road investments
In the first five months of 2019, UAE-China trade was $19bn (AED69.78bn), up 11.37% compared to the same period last year
The world’s largest foreign investment platform Annual Investment Meeting (AIM), which is an initiative of the UAE Ministry of Economy, and China Venture Capital Research Institute (CVCRI) have inked a memorandum of understanding (MoU) for a long-term strategic partnership to share resources, enhance trade, and boost investment opportunities in China’s trillion-dollar Belt and Road Initiative (BRI).
The agreement, which was signed by the director-general of AIM, Walid Farghal, and the president of CVCRI, Jihong Ding, aims to attract Chinese venture capitalists and private equities looking for investment opportunities.
The MoU was inked in the presence of the UAE Consul-General, HE Rahma bin Abdulrahman Al Shamsi, in the Chinese city of Guangzhou, and the leader of the Shenzhen Municipal Bureau of Commerce, Yao Wenkai, during a meeting held at the Shangri-La Hotel in Futian Shangri-La Shenzhen.
The agreement has created new avenues for international and local investors to network and make business partnerships.
Commenting on the vital agreement, Ding said: “I am honoured to have a partnership with AIM, and look forward to developing the ties between UAE and China. We are expecting 500 top venture capitalists and private equities to attend the upcoming 10th edition of AIM, which includes a special One Belt One Road (OBOR) event aimed at helping investors in identi-fying potential investment opportunities within the BRI.”
Farghal added: “UAE-China ties are set for the next level, with the recently signed agreements in several key sectors like space, construction, tourism, healthcare, clean energy, oil, and environment. The MoU opens a flood of opportunities for investors and countries to find feasible projects for portfolio investments, and invest in Future City projects or tie-up with start-up companies aiming for global operations.”
China considers the UAE as a key partner in the BRI, as the UAE is home to 6,000 Chinese companies, most of them based in Dubai. The volume of China-UAE bilateral trade has reached $11.2bn (AED41.13bn) in Q1 2019, which is a 16% increase compared to the same period last year. In the first five months of 2019, UAE-China bilateral trade was worth $19bn (AED69.78bn), up 11.37% compared to the same period last year.
The MoU signing ceremony was attended by more than 120 delegates representing leading venture capital and technology firms.