UAE's diversified economy on exhibition at 2023 CIFTIS
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E-mail China.org.cn, September 4, 2023
Counsellor Khaled Al Shehhi, who also serves as Chargé d'Affaires and deputy chief of mission at the UAE Embassy in Beijing, alongside Yang Xiaojun from the China Council for the Promotion of International Trade, inaugurated the UAE National Pavilion at the 2023 China International Fair for Trade in Services on Sept. 3, 2023. [Photo courtesy of the UAE Embassy in Beijing]
The United Arab Emirates (UAE) delegation hosted an exhibition entitled "UAE — Diversified Economy" at its national pavilion Sunday at the 2023 China International Fair for Trade in Services (CIFTIS), highlighting the significant strides made within the UAE's diversified economy and detailed its commitment to innovative, sustainable development.
The delegation featured eight prominent companies from sectors like aviation, tourism, investment, banking, and satellite communications.
Since initiating diplomatic ties in 1984, China and the UAE have consistently deepened their collaborative efforts across multiple industries. Presently, the UAE stands as China's prime export market in the Middle East and North Africa and is also its top non-oil trading partner within the region. In fact, non-oil trade between the two nations escalated to an impressive $77.3 billion in 2022, marking an 18% increase from the previous year's $61 billion.
UAE Ambassador to China Hussain bin Ibrahim Al Hammadi remarked on the significant progress both nations have made in diversifying their economies and spearheading groundbreaking solutions to global challenges. He noted, "The two countries are at the forefront of pioneering endeavors, spanning green technology and climate change mitigation to financial digitization, sustainable agriculture, and space exploration."
The UAE is keen on enhancing its business environment to draw more foreign direct investment (FDI). Last year, it attracted an FDI of $23 billion, showcasing a 10% growth from 2021, setting a new annual record.
According to the latest WTO data, the UAE's trade with the global market surpassed $1 trillion in 2022. Exports witnessed a 41% surge, reaching $599 billion and contributing to 2.4% of the global total. On the commercial services front, the UAE ranked 12th worldwide in exports, bringing in $154 billion, or 2.2% of the global market. The nation also reported service imports of $95 billion, making its total service trade $249 billion.
The UAE is also striving to transform itself from an oil-based country into a knowledge-based innovative economy. According to data released by the Central Bank of the UAE, the nation's rapid non-oil GDP growth, which saw a 7.2% boost last year, has made it one of the fastest-expanding economies globally.
