DAFZA Signs MOU With Shanghai Pilot Free Trade Zone

Dubai Airport Free Zone (DAFZA) has signed a Memorandum of Understanding with the Shanghai Pilot Free Trade Zone Administration, with the aim of exchanging trading experiences, promoting business and opening even more trade ties between the two Free Zones.

The cross marketing and promotion agreement will help both nations take advantage of investment opportunities in global markets as well as purely bilateral trade. With two such successful and prosperous free zones in two of the world’s most dynamic economies, their respective outstanding services and facilities are expected to attract millions of dollars worth of new investors.

Dr Mohammed Al Zarooni, DAFZA Director General, and Mr. Dai Haibo, Deputy Secretary General of Shanghai Municipality and the Executive Vice Chairman of China ( Shanghai ) Pilot Free Trade Zone Administration, signed the MOU in the presence of senior officials from both free zones.

Dr. Al Zarooni said: "We are confident that signing this memorandum with one of the most important and the largest free zones in the world will allow promoting new investments opportunities, exchanging know-how and expanding joint business activities. This strategic partnership will add a new business dimension to our business and trade activities between the UAE and China that is considered among the fastest growing economies in the world, which gives us enormous potential for even more expansion between each other and further abroad.”

Mr. Dai Haibo, mentioned: "The signing of the MoUwith DAFZA comes at a time when companies in China are looking to export products to the Middle East and Africa and more precisely to the UAE. We are extremely proud to sign the Memorandum with such a leading free zone and we will work together to raise awareness and support the concept of free zones across the world."

The MOU helps both countries in conducting mutual promotional activities such as promoting investment opportunities between both free zones and providing links on each other’s websiteas well as promoting both free zones in exhibitions, conferences and conventions.

There will also be high level visits between the two free zonesto assess progress and successes and build even stronger bilateral trade ties.

Dr. AlZarooniadded: "The Chinese market is one of the primary markets for us, and the seminars that we held previously in Shanghai have helped us promote DAFZA and the value proposition that we offer to potential companies and their partners worldwide in addition to the its role in attracting investments to the UAE. This has been extremely successful, as wesee with the signing of the MOU."

"China now accounts for 14 per cent of the Far East companies operating out of DAFZA, covering a variety of industry sectors including transportation, shipping, electronics and oil and gas sector, among these companies CNOOC, COSL Middle East FZE, Sinochem Corporation and China Southern Airlines, Dr. Zarooni added.

Approximately 3,800 Chinese companies are based in the UAE and China’s annual investment in the UAE was $170m by the end of October 2012. Trade between the UAE and China has grown from $50 million to $35 billion over the past three decades, translating to a growth rate of 35 per cent per annum. The increase saw a rise in the number of Chinese companies operating specifically within the logistics, aviation and energy sectors, which was 18 per cent in comparison to 2011.

Emirate:  Dubai

Date: Dec 8, 2013

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