Dubai and Hong Kong sign MoU to bolster economic cooperation

Dubai Chambers has welcomed a large business delegation from the Hong Kong-based Chinese General Chamber of Commerce (CGCC). As part of the visit, the two chambers signed an MoU aimed at bolstering economic cooperation.

Dr. Jonathan Choi, Chairman of Chinese General Chamber of Commerce, headed a 26-strong visiting delegation of senior Hong Kong business people including investors, financiers, and realtors.

The MoU, which was signed as part of the group’s three-day tour of the UAE, seeks to strengthen mutual ties between the parties with the goal of further enhancing business relations.

Under the terms of the agreement, the two chambers will explore opportunities to boost knowledge sharing, increase mutual support on trade and investment missions, and cooperate on participation in trade fairs, conferences, business matching events, and other networking activities.

Mohammad Ali Rashed Lootah, President and CEO of Dubai Chambers, said: “The trade visit was a great success, with the signing of an MoU heralding a new era in closer trade ties between Dubai and China. We shared with the delegation the Chamber’s vision, mission, goals, and activities, as well as some of the current challenges and opportunities facing the UAE business community.”

Commenting on trade opportunities, he added, “We have solid exports and imports between our nations, but can do more. We see great potential in importing more apparel, boats and parts, iron and steel, and textiles. In terms of exports, our data indicates there are opportunities for the UAE to export more ships and boats, textiles, gums and resins, and silk products to Hong Kong and China. From an investment perspective, we see some exciting opportunities in agriculture, manufacturing, the services sectors, and technology, which we hope this MoU will encourage.”

In February, Dubai International Chamber, one of the three chambers operating under Dubai Chambers, announced the opening of a new Hong Kong representative office as part of the ‘Dubai Global’ initiative.

Launched by Sheikh Hamdan Bin Mohammed Bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of Dubai Executive Council, the initiative seeks to establish 50 representative offices for Dubai in five continents by 2030. Led by Dubai International Chamber, Dubai Global aims to attract foreign MNCs, SMEs, investors, and international talent to Dubai by showcasing the emirate’s competitive advantages, sharing investment intelligence, and boosting engagement with overseas stakeholders.

The UAE’s second-largest import from China is machinery, followed by vehicles and parts. After electronics, China mainly imports plastics, vehicles and parts, and machinery from the UAE.

Founded in 1900, the Chinese General Chamber of Commerce is one of the oldest and largest chambers in Hong Kong. It enjoys close ties with mainland China, particularly through its support for the Belt and Road Initiative and the development of the Guangdong–Hong Kong–Macau Greater Bay Area (GBA). Recently, the Chamber has focused on advancing the globalisation of its members, a prospect which Dubai Chambers welcomes with the signing of the new MoU.

Dubai Chambers is a non-profit public entity that supports Dubai’s vision as a global player by empowering businesses, providing innovative value-added services and access to influential networks. In March 2021, His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, announced the restructuring of Dubai Chamber and the formation of three chambers for the emirate, namely, Dubai Chamber of Commerce, Dubai International Chamber, and Dubai Chamber of Digital Economy, which now operate under Dubai Chambers.

Meanwhile Dubai International Chamber, one of the three chambers operating under Dubai Chambers, has successfully brought together UAE - based company Empereal Ruby Energy and Innovations and Uzbekistan’s SOLAR NATURE to sign a Memorandum of Understanding (MoU) for joint cooperation on solar photovoltaic and solar thermal projects in Uzbekistan and the Middle East.

The programme aimed to drive the international expansion of Dubai businesses into select Central Asian markets while also promoting Dubai as a thriving global investment hub for companies from the region including Uzbekistan, Kazakhstan, and Kyrgyzstan. Empereal Ruby Energy and Innovations participated in Dubai International Chamber’s New Horizons Central Asia roadshows in March 2023.

Under the terms of the MoU, which was signed in the presence of Alisher Salomov, Consul-General of Uzbekistan in Dubai and the Northern Emirates, the two companies will join hands in designing and providing medium to large- scale solar solutions for generating clean renewable electricity, as well as collaborating on projects to use solar energy for water recycling and desalination. Both parties have committed to investing the necessary funds and will focus their efforts to grow the cooperation to more than $100 million over a five-year period.