Arab-Chinese business conference kicks off in Sharjah
His Highness Dr Sheikh Sultan bin Mohammed Al Qasimi, Supreme Council Member and Ruler of Sharjah and Chinese Prime Minister Wen Jiabao attended today the fourth Arab-Chinese Business Conference, hosted by the UAE in the emirate of Sharjah.
The conference is being organised by the Sharjah Chamber of Commerce and Industry, in collaboration with the Arab League.
Also present were Sharjah Crown Prince and Deputy Ruler H.H. Sheikh Sultan bin Mohammed bin Sultan Al Qasimi, Sharjah Deputy Ruler H.H. Sheikh Abdullah bin Salem Al Qasimi, Sheikhs, ministers, senior officials, businessmen and diplomats.
Addressing the conference, Chinese Prime Minister Wen Jiabao praised the deep-rooted Sino-Arab relations. He added that in his first visit to the Gulf, he was impressed with the progress made by the UAE.
"I am particularly impressed with Burj Khalifa, not only because of its enormous height but also because it symbolises the dreams and determination of the Arab people for achievement. Beside its harsh desert conditions, the Gulf is also known for its resolute and persistent people," he added.
The Chinese prime minister also expressed gratitude to the Arab countries for offering generous support to China during the devastating earthquake in 2008.
He revealed that Sino-Arab trade grew by 30 percent during the past 10 years, adding that UAE and China signed a currency swap agreement, worth 35 billion Yuan.
He called for deepening cultural, educational and tourism cooperation between the Arab countries and China, referring to a plan to provided training for 1,000 Arabs in human resources every year.
Wen Jiabao called for establishing a free trade zone between China and the GCC countries.
"As talks to (to reach a free trade agreement) drag on, both sides should demonstrate the political will to reach the agreement which will provide huge opportunities for economic and commercial growth." Dr Mohammed Ibrahim Al Tuwaijri, Arab League's Assistant Secretary for Economic Affairs, said trade between China and the Arab countries surged from US$36.4 billion in 2004 to 145.4 billion in 2010.
Saudi Arabia topped the list of Chaina's Arab trade partners with a two-way trade volume of US$43.1 billion, followed by the UAE, with trade exchange accounting for 25.6 billion.
Al Tuwaijri added that Arab investments in China were estimated at US$2.5 billion by the end of 2010, while Chinese investments in Arab countries accounted for 4.2 billion within the same period.
UAE Minister of Foreign Trade Sheikha Lubna bint Khalid Al Qasimi highlighted the significant growth in trade between China and the Arab countries.
She noted that China ranked second in UAE's foreign trade at a total value of US$14 billion in 2010.