Page 13 - ECI PR REPORT - NOVEMBER 2024

Press Release

removed or reduced custom tariffs on more than 80 per cent of products, contributing
to an increase in UAE exports to India. He underscored the integral role of such
agreements in consolidating the UAE’s position as one of India’s key trading partners,
especially since bilateral non-oil trade value between the two nations reached an
estimated AED 284 billion in 2022. He also shared his optimism regarding the
economic benefits of the partnership.

Julfar stated that China is the UAE's top global trading partner, accounting for 11.2 per
cent of the UAE’s non-oil trade. Meanwhile, in the first half of 2024, the value of the
UAE’s trade with China reached USD 42.2 billion, leading to a growth rate of 3 per
cent compared to the same period in the previous year. He also underscored the
importance of bolstering bilateral trade relations between the two nations, across vital
domains like technology, renewable energy, and tourism, to drive sustainable
development.

He presented various indicators and statistics that validate the growth of mutual
investments between the UAE and China. In 2023, the UAE’s direct investment in
China doubled, reaching USD 2.2 billion, with a significant rise of 129 per cent
compared to the previous year. Meanwhile, Chinese investments in the UAE totalled
USD 1.78 billion in 2023, showcasing a notable increase of 10.6 per cent compared to
2022. These figures highlight the robust trade and investment relations between the two
nations, as well as the presence of several collaborative development projects in both
the public and private sectors.

By the end of last year, the cumulative UAE direct investment balance in China stood
at USD 4.5 billion. Similarly, the cumulative Chinese direct investment balance in the
UAE had reached USD 8.91 billion by the end of 2023.

Through its presence at ADIPEC 2024, ECI exemplified its commitment to catalysing
the development of UAE-based export and re-export companies, as well as their
expansion into emerging markets. The platform also enabled ECI to explore new
avenues of opportunities for regional businesses, to promote the growth of the national
economy and bolster its competitiveness on the regional and global fronts.

-Ends-

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