Page 37 - ECI PR REPORT - NOVEMBER 2024

11/11/24, 8:49 AM ECI unveils strategies to strengthen UAE's export sector, highlighting robust trade relations with India and China
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.

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