Abu Dhabi Ports and Khalifa Industrial Zone Abu Dhabi (KIZAD) were reported heightening its trade relations with China. The boost in trade ties followed Chinese President Xi Jinping's visit to the UAE in July.
Industry leaders, government officials, and private sector decision makers meet during the China-UAE Industrial Capacity Cooperation Demonstration Zone Investment Promotion Conference to discuss and learn more about possible investments within the Abu Dhabi Ports and its subsidiaries that include KIZAD, Khalifa Port Free Trade Zone and Khalifa Port.
The company reported that they have signed a $300 million investment cooperation agreement with China for the Khalifa Port Free Trade Zone. The investment China-UAE Industrial Capacity Cooperation Construction Management Co. will grant access to 23.7 million square feet of a free trade zone for the country's development.
The event was hosted by the Jiangsu Provincial State-owned Assets Supervision and Administration Commission and it was organized by Jiangsu Overseas Cooperation Investment Co. Ltd. (JOCIC). It was reported that it was attended by more than 180 delegates from government entities and there were at least 90 companies present during the event. These companies are expected to follow other Chinese business firms that have made great progress in the emirate of Abu Dhabi.
The speakers during the event included Li Xiubin, Deputy Director of the Jiangsu Provincial State-owned Assets Supervision and Administration Commision, Wang Bin, Chairman of Zhongjiang International Group, Captain Mohamed Juma Al Shamisi, Abu Dhabi ports CEO, and Hao Sihuan, Deputy General Manager of Jiangsu Haitou Investment Co., Ltd.
The bilateral trade between the two nations showed an increasing trajectory in recent years as they sign 13 agreements and memoranda of understanding (MoU) during the visit of President Xi.
Abu Dhabi ports achievement is playing a key role in strengthening ties between the two nations. It was expected that JOCIC signing agreements with the Abu Dhabi Ports to accumulate more than $1 billion in Khalifa Port Free Trade Zone which is under the China-UAE Industrial Capacity Cooperation Jiangsu Construction Management Company Limited. JOCIC is reported to develop the 2.2 square kilometers industrial development zone in Khalifa Port Free trade Zone in which 19 companies were reported to have already signed up. Abu Dhabi Ports and China's Cosco Shipping Ports was reported to have signed a deal that will develop one of the most modern container terminals in Khalifa Port in 2017.
