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March 3, 2024

UAE, China’s Hainan province sign private-sector agreements to enhance trade

The UAE and China’s Hainan Province have expanded bilateral trade and investment ties through the signing of four significant private-sector agreements, as per state news agency WAM.

The signing ceremony took place during the Hainan Promotion Conference in Dubai and featured the presence of Dr Thani bin Ahmed Al Zeyoudi, UAE Minister of State for Foreign Trade, alongside Liu Xiaoming, Governor of Hainan Province.

The Hainan Promotion Conference, jointly organised by the UAE International Investors Council, the Department of Commerce of Hainan Province, and the Hainan Provincial Bureau of International Economic Development, served as the backdrop for these pivotal agreements.

The event convened business leaders, trade promotion agencies, and business associations from both the UAE and Hainan province to present promising trade, investment, and joint-venture opportunities.

In his welcoming address, Dr Thani Al Zeyoudi extended an invitation to Hainan investors to leverage the UAE’s dynamic business ecosystem.

He highlighted the UAE’s offerings, including 100 percent foreign ownership, business-friendly regulations, and expedited setup processes. Moreover, he emphasised the UAE’s unmatched access to global markets, reinforced by the Comprehensive Economic Partnership Agreement programme.

The key agreements between the UAE and Hainan encompass:

Memorandum of Understanding (MoU):

Signed by Ajlan and Bros Holding, Hainan Airlines Holding, and Yangpu Economic Development Zone Management Committee. The signatories included Edison Gao, China-based Vice President of Ajlan & Bros Holding; Ding Yongzheng, Chairman of the Executive Board of Hainan Airlines Holding; and Chen Yang, Mayor of Danzhou Municipality.

Cooperation Framework Agreement: Forged between Dubai Integrated Economic Zones (DIEZ) and Hainan Airport Infrastructure, the agreement featured the signatures of Dr. Mohammed Al Zarooni, Executive Chairman of DIEZ, and Yang Xiaobin, Chairman at Hainan Airport Infrastructure.

Global Strategic Partnership: Established between Fusion Specialised Shipping and Logistics, Hainan GLA, and Hainan Logistics Group. The signatories included Thomas Gregory, CEO of Fusion Shipping Worldwide; Sun Wenfang, President of Hainan GLA; and Liu Hairong, Chairman of Hainan Logistics Group.

Strategic Cooperation Agreement: Encompassing UAS International Trip Support and Hainan Provincial Bureau of International Economic Development (IEDB). The agreement bore the signatures of Mohammed Husary, Executive Chairman of UAS International Trip Support, and Yang Shanhua, Deputy Director of Hainan IEDB.

Al Zeyoudi underscored the burgeoning relationship between Hainan and the UAE, which witnessed bilateral non-oil trade more than double in 2022, reaching $900 million. UAE exports to Hainan surged to over $653m, marking a remarkable 98.2 per cent growth, while imports increased by 110.6 per cent, reaching $258m.

Liu Xiaoming expressed his delight at the burgeoning collaboration between Hainan and the UAE and noted their shared commitment to rules-based trade and the development of top-tier logistics infrastructure.

He emphasised the potential for fruitful outcomes in areas such as free zones, connectivity, finance, trade, and industrial cooperation.

The event also attracted prominent private-sector entities from the Middle East and Hainan, spanning sectors including trade, logistics, investment, real estate, finance, and public affairs.