The Abu Dhabi Investment Office has signed an agreement with the Chinese Business Council to bolster inter-institutional cooperation and exchanges and provide for further trade and investment opportunities for businesses, a media report said.

With the aim of developing strategic economic sectors including financial services, industry and manufacturing, tourism, renewable energy, and ICT and communications, the Abu Dhabi Investment Office is seeking to encourage increased international investment in the UAE capital to help realise the Abu Dhabi Vision 2030, which provides for enhanced diversification across a range of sectors within the overall development of a knowledge-based economy, reported Emirates news agency.

Commenting on the memorandum of understanding (MoU), Khalifa Bin Salem Al Mansouri, Under-Secretary of the Department of Economic Development, said: "The signing of this MoU indicates the strength of business and trade relations between the UAE and China. Through ambitious joint projects run by public-private sector partnerships and attracting foreign investment, Abu Dhabi is charting a course towards greater economic diversification, liberalisation, sustainability, an enhanced non-oil export capacity."

Ahmed Bin Ghannam, CEO of the Abu Dhabi Investment Office, said: "The Abu Dhabi Investment Office is delighted to sign this MoU with this Office of the Chinese Business Council, which signifies both the strength of Abu Dhabi’s economic links with China’s business sector and our commitment to working with strategic partners to maximise synergies for successful investment through bilateral cooperation for ease of business and the growth of trade between our two countries."

The MoU enhances cooperation between the two parties through the realisation of the following objectives: establishment of bilateral relations of friendship and cooperation for trade and investment promotion activities; initiation of cooperation on a planned joint business council incorporating mechanisms for an annual working meeting, a team to coordinate daily cooperation, and an annual joint review and evaluation of cooperative results achieved and expected; and establishment of a mechanism for the exchange of information relating to markets, workforce, local demand, imports and exports, and trade and investment facilities.

In addition, the agreement will also provide for the encouragement of business communities to provide feedback on economic and trade policies and work environments, and for bilateral sharing of relevant information; encouragement of experts, scholars and researcher in the economic and trade fields in both countries to exchange views, organise delegation visits, conduct regular cooperative survey and research projects, and facilitate cooperation between think tanks; and consideration of the establishment of a platform to encourage dialogue between companies to complement official talks and business relations.