Hong Kong, Dubai promote stronger trade

Both regional trading hubs sign MoU boosting business.

The Hong Kong Trade Development Council (HKTDC) and Dubai Exports, the export promotion agency of the Emirate of Dubai, have signed a memorandum of understanding (MoU) to promote trade between both countries.

Dubai is the largest city in the United Arab Emirates (UAE) and is one of the seven emirates that comprise this Middle Eastern country.

The MoU will intensify both countries’ efforts to organise more activities that encourage bilateral trade and enable businesses to leverage the strengths of Dubai and Hong Kong as regional gateways.

Total trade between the UAE and Hong Kong during the first nine months of 2012 rose by 33% year-on-year to US$7billion. The UAE’s total exports to Hong Kong during the period jumped 48% to US$3.5 billion.

The UAE’s major exports consist of pearls, precious & semi-precious stones (28%); telecommunications equipment & parts (27%); engines & motors, non-electric,& parts (15%) and jewelry (15%). These four categories account for 85% of the UAE’s exports to Hong Kong.

UAE imports from Hong Kong amounted to US$3.2 billion over the same period, up 20% year-on-year. Leading imports were pearls, precious & semi-precious stones, telecommunications equipment & parts, computers and jewelry that together were valued at US$2 billion.

HKTDC Deputy Executive Director Benjamin Chau said it was natural for Dubai and Hong Kong, two strategic trade gateways, to work in closer cooperation.

“The UAE is Hong Kong’s largest export market in the Middle East and Dubai is known as the UAE’s trading hub. Our joint efforts will further expand trade potential and create more opportunities for both regions.”

“Dubai is centrally located between the East and the West. So we see a strong synergy in working with Hong Kong in our role as a regional trade hub,” said Saad Al Awadi, Chief Executive Officer, Dubai Exports.

“Businesses aiming for the Far East markets through Dubai can take advantage of Dubai’s infrastructure and competitiveness to establish their operations and reach half the world’s population.”

“With our new partnership with HKTDC, we plan to extend the scope of our services to exporters aiming for the East Asian markets.”

EDC has a portfolio of services offered to companies exporting from or through Dubai (re-exporters), broadly categorised as Exporter Development, Export Promotion (through Exhibitions and Missions), Provision of Market intelligence and Business Matchmaking.