Dubai, Hong Kong cooperation in trade development

Dubai Exports, the export promotion agency of the Department of Economic Development (DED) Dubai and the Hong Kong Trade Development Council (HKTDC) have signed a memorandum of understanding (MoU) to promoting trade between Dubai and Hong Kong. The two sides have agreed to intensify their efforts to organize more activities to promote bilateral trade and enable businesses to leverage the strengths of Dubai and Hong Kong as regional gateways. “Dubai is centrally located between the East and the West. So we see a strong synergy in working with Hong Kong in our role as a regional trade hub. Businesses aiming for the Far East markets through Dubai can take advantage of Dubai’s infrastructure and competitiveness to establish their operations and reach half the world’s population,” said Engineer Saad Al Awadi, Chief Executive Officer, Dubai Exports. Benjamin Chau, Deputy Executive Director, HKTDC said: “It is natural for Dubai and Hong Kong, two strategic trade gateways, to work in closer cooperation. The UAE is Hong Kong’s largest export market in the Middle East and Dubai is known as the UAE’s trading hub. Our joint efforts will further expand trade potential and create more opportunities for both regions.” Total trade between the UAE and Hong Kong during the first nine months of 2012 rose by 33% year-on-year to AED 25.7 billion (US$7billion) . The UAE’s total exports to Hong Kong during the period jumped 48% to AED12.8 billion. Pearls, precious and semi-precious stones (28%), telecommunications equipment & parts (27%), engines and motors, non-electric and parts (15%) and jewellery (15%) were the major exports, making up 85% of the total. UAE imports from Hong Kong were valued at AED11.7 billion over the same period, representing a year-on-year increase of 20%. Among them, pearls, precious and semi-precious stones, telecommunications equipment and parts, computers and jewellery were the major imported items, together accounting for AED7.34 billion.