The Global Manufacturing and Industrialisation Summit (GMIS) has announced a strategic tie-up with China’s leading trade and investment body, the China Council for the Promotion of International Trade.

The move is aimed at generating business opportunities for global manufacturers in the world’s largest manufacturing nation and second largest economy, said a Wam news agency report.

A memorandum of understanding (MoU) between the China Council for the Promotion of International Trade (CCPIT) and the Global Manufacturing and Industrialisation Summit is designed to encourage further trade and increased foreign investment between China and global manufacturers, as the sector evolves at rapid pace with the proliferation of Fourth Industrial Revolution (4IR) technologies.

According to Unctad, in 2014 China became the world’s leading manufacturing nation, taking the mantle from the US. Its manufacturing output was the highest in the world at $1.9 trillion, accounting for 28 per cent of national output and almost a fifth (19 per cent) of global output. The manufacturing sector continues to grow in China, driven both by exports and by domestic needs, spurred by a housing boom and government investment in infrastructure.

However, nation may lead in terms of scale, there are still significant opportunities for its manufacturers to evolve in terms of technology, with the Fourth Industrial Revolution requiring new technological skills and innovation. Equally there are clear prospects for other nations to explore partnerships with China, as 4IR technologies and fast-developing global value chains create new opportunities for both local and global businesses.

CCPIT was established by the Chinese government in 1952 to promote trade and develop China’s international economic relations with investment organisations in foreign countries. The agency, whose personnel is comprised of enterprises and organisations representing China’s economic and trade sectors, is funded and sponsored by the Chinese government under the authority of its State Council.

Zhang Wei, vice chairman of the CCPIT, said: "As representatives of Chinese industry, we are always seeking platforms to promote our country’s potential for investment and partnership. GMIS is a platform where we can deepen our relationships with the global manufacturing community and the world’s policymakers and explore joint working opportunities to continue to develop our sustainable industrial base. This will ensure we maintain our global leadership in terms of output, but also continue to increase the value of the sector per capita, using emerging technologies and advanced skills as a driver for this growth."

He added: "Working with global organisations on innovative partnerships, evolving industrial processes and outputs, and upskilling the labour force are all necessities for success in tomorrow’s global economy. As industries evolve in line with 4IR technologies and innovations, Chinese companies will be at the forefront of showcasing efficiencies and new business models. Given our position as the world’s leading manufacturing country, China can serve as an exemplary nation in the Fourth Industrial Revolution, setting a clear precedence for other countries to follow."

The inaugural Global Manufacturing and Industrialisation Summit will be held at the Paris-Sorbonne Abu Dhabi, UAE, from March 27 to 30. A joint initiative by the UAE Ministry of Economy and the United Nations Industrial Development Organization (Unido), and co-hosted with the Abu Dhabi Department of Economic Development, the Summit will be held under the patronage of HH Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces.

The summit is the world’s first global gathering for the manufacturing community, bringing together leaders in business, government and civil society to shape a vision for the sector’s future.

Badr Al-Olama, chief executive officer, Strata Manufacturing, and head of the Global Manufacturing and Industrialisation Summit organising committee, said: "The strategic partnership with CCPIT has the potential to create opportunity of enormous scale. There are clear opportunities to create mutually beneficial alliances with businesses in what is also the world’s second largest economy. Attended by decision makers from all around the world, GMIS is the ideal platform to explore and build new networks that can ignite these opportunities. With manufacturers seeking to unlock new value through innovation that exploits the disruptive opportunities created by digital convergence, the world’s economy and society stand to gain from this approaching wave of transformation ."

Among other core topics that affect the manufacturing industry today, summit attendees will focus on learning about the latest manufacturing capabilities and promoting global value chains in ways that foster sustainable practices and job creation.