UAE-Hong Kong trade relations march ahead

26/09/2017 05:49 AST

The UAE is Hong Kong’s largest trading partner and export market in the Middle East. Bilateral trade between the two places grew at an average annual rate of 14 per cent from $4.80 billion in 2010 to $10.6 billion in 2016.

Hong Kong’s exports to the UAE grew 13 per cent to $6.8 billion last year, led by exports of pearls, precious and semi-precious stones (40.6% of total, up 32.1%), telecom equipment and parts (32.3% of total, up 23.8%), and jewellery (5% of total, up 36.5%).

The Lifestyle Expo in Dubai is being held to foster business collaboration between Hong Kong, the Chinese mainland and the United Arab Emirates (UAE) as well as the rest of the Middle East-Africa (MEA) region, helping companies seize the enormous business opportunities emerging from China’s Belt and Road Initiative and Expo 2020 Dubai.

Jointly organised by the Hong Kong Trade Development Council (HKTDC) and the Trade Development Bureau of the Ministry of Commerce of the People’s Republic of China, the fifth edition of the Lifestyle Expo opened on Monday and continues through tomorrow at the Hyatt Regency Dubai.

The two-day event showcases a wide selection of trendy products from about 110 Hong Kong and mainland companies to an expected 1,300 buyers from the UAE, Iran and Africa. Exhibits include consumer electronics, information and communications technology (ICT) products, household products and electrical appliances, fashion and fashion accessories, gifts and premiums, as well as watches and clocks.

Speaking at the Opening Ceremony, HKTDC Assistant Executive Director Stephen Liang highlighted the cooperation between Hong Kong, the mainland and the UAE to unlock opportunities arising from the Belt and Road Initiative, a key global economic driver for the 21st Century.

“The Lifestyle Expo in Dubai serves as an ideal platform for suppliers from Hong Kong and the Chinese mainland and buyers from the Middle East and Africa to forge business partnerships,” said Liang. “This cooperation between Hong Kong, the mainland and the UAE creates synergy to our mutual benefit.”

The Gulf Today