Dubai Airport Freezone Authority (DAFZA) recently signed an agreement with China’s Liaoning Chamber of Commerce in the UAE to expand bilateral trade and investment opportunities.
The Memorandum of Understanding (MoU) was signed by Nasser Al Madani, assistant director general, DAFZA, and Yewei Fan, president of Liaoning Chamber of Commerce UAE.
“The Memorandum of Understanding (MoU) will increase collaboration between the two organisations to help expand bilateral trade and create new business and investment opportunities with Liaoning province,” a press release said.
As part of the agreement, DAFZA and Liaoning Chamber of Commerce UAE will hold regular visits and consultations and will encourage opening channels of communications, increasing knowledge and information exchange, and maximising mutual support.
Madani said, “This is an important strategic partnership that will strengthen our alliance in a number of key areas including technology, innovation, cross-border e-commence, shipping and logistics. DAFZA will support companies referred by Liaoning Chamber of Commerce to exhibit their products and services at the free zone. We will assist them in establishing their business operations and advise them on how to strengthen their offering. This will support our objectives of attracting more foreign investment to Dubai and creating long-term sustainable economic development in the UAE.”
Fan said, “This MoU will enable us to encourage Chinese investors to set up their businesses at DAFZA across important sectors and industries. This will have a positive impact on growing bilateral trade between Liaoning and the UAE and we look forward to continued association and partnership.”
According to the release, the two-way trade between the UAE and China crossed US$35bn last year. China and the Asian market continue to be major focus areas for DAFZA and the UAE.