The UAE and Hong Kong have agreed to further develop trade ties and build logistics partnerships to take advantage of their productive international trade.

This follows a meeting between the UAE Minister of Economy, Eng Sultan bin Saeed Al Mansoori, and the Financial Secretary of Hong Kong, John Tsang Chun-wah, recently.

The meeting also touched on cooperative opportunities in the areas of innovation and scientific research and the possibility of developing partnerships between scientific and research institutions from both sides to share experiences and best practices, it said.

The group tackled opportunities in the Islamic economy as well, specifically regarding Sukuk and the concrete growth rates being recorded globally, it added.

The two sides discussed the possibility of forging partnerships benefitting from trade and development spurred by the Belt and Road Initiative and harnessing the evolving capabilities of both countries, said a statement.

The meeting was attended by Abdullah Bin Ahmed Al Saleh, undersecretary of the Ministry of Economy for Foreign Trade and Industry; Nabila Al Shamsi, UAE consul-general to the Hong Kong Special Administrative Region; Mohammed Nasser Al Zaabi, director of Trade Promotion and Investment Department; Margaret Fong, executive director, Hong Kong Trade Development Council (HKTDC), and several other delegates, it stated.

Al Mansoori emphasised the strong trade and economic ties binding the UAE, Hong Kong and the Republic of China, pointing out that there are many commonalities among them that support the establishment of partnerships in many sectors of mutual interest, it said.

The Minister said that the UAE’s airports welcomed more than 140 million passengers last year, a figure reflecting significant annual growth and the leading global position of the country in air transport which he noted paves the way for advanced cooperation the development of this area.

He also discussed cooperation in the Islamic economy which he pointed out is witnessing significant global growth. He said that although both countries have the necessary capabilities and advanced infrastructure specifically in terms of financial and banking services, there is nevertheless always room for more cooperation.

Al Mansoori emphasised as well that the UAE is keen to establish partnerships with Hong Kong under the framework of strategic partnership with the People's Republic of China, especially due to the promising opportunities arising from the new Silk Road Economic Belt.

For his part, Tsang said that his region considers the UAE as a trading gateway to the Middle East markets, while Hong Kong is an ideal portal to the markets of China and Southeast Asia.

He added that the UAE is the largest trading partner of Hong Kong in the Middle East, and that the trade relations between the two countries continues to grow. He also underscored the importance of collaborating in the areas of innovation and scientific research.

The financial secretary added that the services sector contributes more than 90 per cent of Hong Kong’s gross domestic product (GDP) and will thus play a key role in the new Silk Road initiative.

During the meeting, Saleh and Fong signed a memorandum of understanding (MoU) in the presence of Eng Al Mansoori and Tsang.

The MoU aims to strengthen cooperation in the fields of trade, investment and innovation and enhance the attractiveness of the two sides’ respective business environments to investors.

It is also geared towards enhancing communication between business communities and exchanging trade and economic delegations to broaden horizons for promoting trade and economic relations between the UAE and Hong Kong, it added. – TradeArabia News Service