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UAE set to play big role in 'One Belt One Road' project

The UAE is set to play a big role in China's One Belt and One Road Project (OBOR), experts stated on the sidelines of Annual Investment Meeting on Tuesday.
Abdulla Al Saleh, undersecretary for Foreign Trade, UAE Ministry of Economy, said the UAE is proud to host this forum as a testament of our strong economic and trade ties with China.
"The trade between two countries have been growing each year. We anticipate trade activities to amount to $33 billion between the UAE and China. The UAE is an important trading partner for China," he said.
In addition, he said both the countries have several strategic partnerships in place to promote scientific research and renewable energy and water, and this cooperation is set to expand the mutual trade between the UAE and China.
"Strategic partnership has been strengthened through signing of 13 MoUs between the UAE and China. This forum will not only help us exchange ideas, but also help us integratesustainable trade and investment partnerships," he said.
Yi Zhang, deputy secretary general, China Chamber of International Commerce (CCOIC), said the OBOR is a great achievement for us. "This forum will become the core platform for us to share our ideas and development policies. China and the Arab states have good and friendly relations and the OBOR initiative will catapult this relationship to a new level."
"There are lot of projects announced in OBOR. CCOIC is aimed at promoting business investments all over the world. It is one of the biggest China commerce federation so far.
"We are confident that the activities held in UAE will be promoted well and through OBOR we will scale thetrade opportunities between China and the UAE," he said.
A McKinsey Global Institute Report found that globally, there is a need to invest an average of $3.3 trillion annually in economic infrastructure in order to support currently expected rates of growth through to 2030. Emerging economies are projected to account for some 60 per cent of that need.
The Belt & Road Initiative is a $900 billion policy initiated by the Chinese government to build on ancient trade routes from China through central Asia by rail and to Africa and beyond by sea. The initiative covers 69 countries which make up 60 per cent of the world's population and 40 per cent of global gross domestic product (GDP), according to a report released by Knight Frank.
- business@khaleejtimes.com