Historic 120th Canton fair to boost bilateral trade between the UAE and China
In a strategic drive to further increase bilateral trade between the UAE and China, the China Foreign Trade Centre is rolling out a red carpet of co-operation to local companies in various commercial sectors ahead of the 120th China Import and Export Fair (Canton Fair) later this year. Being held in the Chinese city of Guangzhou from 15 October to 4 November 2016, the landmark 120th edition of the biannual China Import and Export Fair (Canton Fair) will build on the event's historic role in driving international investment in China and advancing the Far East nation's foreign trade and economic exchanges with countries all over the world, including the UAE.
With China ranked as Dubai's largest trade partner and the UAE's second-biggest trading partner, bilateral trade between the two nations is predicted to reach more than US$60 billion by the end of 2016 according to the UAE government, up from US$54.8 billion in 2014.
Additionally, the UAE is home to more than 300,000 Chinese nationals working and living in the emirates, while over 4200 Chinese companies, 356 trade agencies and more than 2500 Chinese Trade labels are registered with the UAE Ministry of Economy.
As part of the build-up to this year's Canton Fair, a promotional video call was held today in which Hakel Wen, International VIP Service Executive of China Foreign Trade Centre, stressed the importance of the UAE market as a major trade partner for China.
"The UAE is one of China's top trading markets in the Middle East and is a strategically important trading hub in terms of imports, exports and re-exports. The Canton Fair, renowned around the world as 'China's No. 1 Fair', aims to encourage increased trade and investment from the UAE's leading trading enterprises and sourcing managers," said Wen.
"With the trading links between China and the UAE so well-established, we are focusing on securing more local companies from fields such as electronics and home appliances, new energy and pet products for the exhibit zones we've added to this year's Canton Fair. Our goal is to increase UAE and GCC participants to build on the 604 enterprises from 40 countries that exhibited in the International Pavilion at the 119th Canton Fair earlier this year."
