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UAE seeks investment
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Winton Dong
A SPECIAL seminar to promote the investment opportunities of the United Arab Emirates (UAE) held in Shenzhen yesterday attracted decisionmakers from more than 50 local enterprises.
Zhongxing, Skyworth, Kaifa Technologies and other top high-tech firms based in the city all expressed strong desire to edge into potential Arabic markets with the UAE serving as a gateway.
The UAE boasts abundant natural resources, with among the world's largest reserves of petroleum and natural gas.
“As far as high technologies are concerned, UAE has relatively lagged behind. Our domestic high-tech market is now dominated by products imported from the USA, Japan and Western Europe,” said Saeed Suwaidi, chairman of Chamber of Commerce & Industry of UAE, when being interviewed yesterday.
Statistics indicate last year trade volume between Shenzhen and UAE hit a mere US$130 million, and most of the local products exported to the tiny gulf state were daily necessity products with low added value.
Suwaidi said that economic structures of the UAE and Shenzhen are complementary. But he also acknowledged that such a low figure of trade volume fell far short of the expectations of both sides.
“We need more mutual understanding for our further business co-operation,” Suwaidi said.
After his visit to Shenzhen, which included meetings with local leaders and entrepreneurs, Suwaidi said he was very confident about the quality of high-tech products made in the city.
“With their good quality and reasonable prices, Shenzhen products will surely play a part in our domestic market in the near future,” he said.
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