Thee-day summit highlighted impact of China’s economic transformation on global trade
As part of its efforts to promote Dubai as a global hub for Chinese businesses and investors, the Dubai Chamber of Commerce and Industry recently participated in The Hamburg Summit 2016, which was held under the theme “China Meets Europe”.
The summit, which took place November 23rd-25th, highlighted the rise of China’s new middle class and focused on how this trend is changing the consumer landscape.
Speaking specifically on this topic, His Excellency Hamad Buamim, President and CEO, Dubai Chamber of Commerce and Industry, explained the significance of income growth in the country and how it may impact Dubai-China trade in the future.
“As Dubai’s top trade partner, China represents tremendous trade and investment potential for the emirate. A new generation of Chinese consumers is fuelling private consumption in key sectors such as tourism, real estate, retail and finance. There is plenty of scope for Dubai to take advantage of this trend as the emirate has a lot to offer within these key sectors.”
H.E. Buamim revealed that the number of Chinese visitor numbers to Dubai is predicted to surge 98% by 2023 to 545,000, noting that this figure could potentially be even higher, given the recent decision to allow Chinese visitors to obtain visas on arrival in the UAE. He added that Chinese tourists in Dubai are projected to spend $781 million by 2023, up from $488 million in 2013.
He stated that Dubai Chamber’s opening of its first China representative office last month was a testament to its efforts to improve trade relations with the country and Southeast Asia, adding that establishing a presence in the market will enable it to explore new avenues of cooperation.
“Recent economic conditions have led many Chinese business and investors look closer at Dubai and the growth prospects it has to offer. Dubai Chamber will continue to play an active role in identifying synergies and trade and investment opportunities in China.”
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