The Centre to boost US$ 400bn China-Arab trade
The UAE and China recently launched Qingdao Overseas Integrated Service Centre at the China-Arab Business Forum held in Qingdao recently that is aimed at increasing the US$ 400bn trade between China and the Arab world.
Abdulla Albasha Alnoaimi, UAE Commercial Attaché to China and Zeng Zanrong, Secretary of the Qingdao Municipal Party Committee, unveiled the Qingdao Overseas Integrated Service Centre (QOISC) at the event.
A total of 40 important projects were signed during the China-Arab Business Forum, with a total value of US$ 5.93bn, covering industries such as high-end equipment, new energy and new materials, and next-generation information technology.
Substantial increase in two-way trade
The launch of the QOISC comes six months after two-way trade between China and Arab countries seen a substantial increase, exceeding US$ 400bn in 2024, according to the London-based International Finance magazine.
This represents a more than ten-fold increase from US$ 36.7bn in 2004. More than 15,500 Chinese companies have invested more than US$ 6bn in the UAE, according to UAE Ministry of Economy.
“The launch of the Qingdao Overseas Integrated Service Centre (QOISC) is a significant move that will play a significant role in accelerating the US$400 billion trade between the two growing economic blocks,” reiterated Mohammed Saqib, Secretary-General of CHIMENA Business Council.
The China-Arab Business Forum was attended by several senior government and private sector leaders including Mohamed Abou El Enein, Deputy Speaker of the Egyptian House of Representatives and Chairman of Cleopatra Group; Wang Lei, Director of the Shandong Provincial Department of Commerce and Wang Bo, Vice Mayor of Qingdao.
