Agreement with JOCIC and ICBC to streamline setup process for Chinese firms in KIZAD
Abu Dhabi Ports and Jiangsu Overseas Cooperation Investment Co. Ltd. (JOCIC) have signed a five-year agreement with Industrial and Commercial Bank of China (ICBC) to make it easier and quicker for Chinese companies to do business at Khalifa Industrial Zone (KIZAD), Abu Dhabi’s integrated trade, logistics, industrial and free zone.
Abu Dhabi Ports, the operator and manager of the Emirate’s commercial and community ports, and its subsidiary KIZAD have already established with JOCIC a 2.2 sqkm China-UAE Industrial Capacity Cooperation Demonstration Zone at KIZAD under a 50-year agreement.
The Demonstration Zone forms part of the UAE’s support for China’s Belt and Road Initiative (BRI) and aims to attract more trade and investment to Abu Dhabi. The agreement also reiterates the strategic position played by the Emirate to the major trade hubs along the BRI.
During the recent state visit of HH Sheikh Mohamed Bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, to China, a MoU was signed by Falah Mohammad Al Ahbabi, Chairman of Abu Dhabi Ports, Wang Bin, Chairman of JOCIC, and Chen Siqing, Chairman of ICBC, KIZAD providing even more attractive for foreign investors.
Through its branches in Abu Dhabi and Jiangsu, ICBC – the world’s largest bank by assets – will provide services for firms being incorporated at KIZAD by becoming a preferred banking partner of Abu Dhabi Ports and JOCIC.
“Abu Dhabi’s strategic location and commitment to the Belt and Road Initiative has placed the Emirate in an advantageous position on the global trade map,” said Al Ahbabi.
“The UAE is attracting Chinese investment through our industrial cooperation zone at KIZAD thanks to strong confidence and sound industrialization policies, as well as its commitment to economic diversification,” commented Wang Bin.
