Speakers stress limitless prospects for Belt and Road Initiative cooperation
An attendee talks to Kuwaiti exhibitors at the Belt and Road Summit on Wednesday. (CALVIN NG / CHINA DAILY)
Diplomats from the Chinese mainland and officials from the Gulf countries on Thursday emphasized that investing in the Middle East is the way of the future on the second day of the eighth Belt and Road Summit held in the Hong Kong Special Administrative Region.
Gracing the event were Chen Weiqing, Chinese Ambassador to Saudi Arabia, and Zhang Yiming, Chinese Ambassador to the United Arab Emirates, who separately gave an overview of their respective host countries and the region.
Chen said China and Saudi Arabia “have always been partners for win-win cooperation” and noted that the two countries have developed healthy relations over the years as contributors to global development.
He said that the Middle East “has rich resources and unlimited potential” and that countries in the region, which are actively seeking investments, are adding an impetus to growth and development.
Saleh Majid Al-Khulaifi, the deputy undersecretary for Industrial Affairs and Business Development at the Ministry of Commerce and Industry in Qatar, speaks at the business session on "Middle East: Outlook in the Middle East Market" at the Belt and Road Summit 2023 at Hong Kong Convention and Exhibition Centre in Wan Chai on Sept 14, 2023. (CALVIN NG / CHINA DAILY)
Zhang said that 10 years ago, when talking about the Middle East, it was usually about war and disorder, but today “we see a new and vibrant, rising Middle East”. He cited events like the diplomatic breakthrough thanks to the China-brokered Saudi-Iran peace agreement and Syria’s return to the Arab League as examples.
Zhang said the China-UAE cooperation is booming and has great potential, adding that going to the Middle East “has become everyone’s mantra”.
He said he would support all efforts that would strengthen an institutional framework in economic and trade cooperation such as interconnection and cooperation between the Hong Kong Stock Exchange and the UAE.
“I warmly encourage all guests to go to the UAE to create miracles. Let’s meet in Abu Dhabi and Dubai,” said Zhang.
Saleh Majid Al Khulaifi, deputy undersecretary for Industrial Affairs and Business Development of Qatar, made a pitch to foreign businesses looking to expand into regional markets. He noted that many countries have embraced policies aimed at economic development, including raising the standard of living.
He urged investors to look to Hamad Port, which “is the newest port in the region with the most available capacity”, saying that Qatar was keen to host further investments and promotion into promising industries such as advanced manufacturing, financial technology, agritech and e-commerce.
H.E. Ahmed Helal Al Blooshi, the executive director of the Economic Strategy Sector at the Department of Economic Development of Abu Dhabi, speaks at the business session on "Middle East: Outlook in the Middle East Market" at the Belt and Road Summit 2023 at Hong Kong Convention and Exhibition Centre in Wan Chai on Sept 14, 2023. (CALVIN NG / CHINA DAILY)
Qatar’s GDP has grown rapidly in recent years, according to the official, almost doubling in the past 10 years, from $125 billion to more than $240 billion in 2022. He said this was expected to continue, driven by the contribution of the non-hydrocarbon economy, which was more than 63 percent in 2022. This has attracted more foreign direct investments which has grown more than sixfold in the past 12 years, he said.
“Our participation in the Belt and Road Summit reflects our deep belief in multilateral trading systems and the need to enhance deep cooperation with different countries in the world. In this context, we value Hong Kong’s pivotal role in supporting the BRI, which represents ambitious development projects aimed at serving developing and developed countries alike,” said Al Khulaifi.
Ahmed Helal Al Blooshi, executive director of Economic Strategy Sector at Abu Dhabi Department of Economic Development, underscored that there are many strategic advantages to Abu Dhabi, including its location, business environment, and quality of life.
He added that currently China is the largest non-oil and goods trading partner of the UAE. “The relationship between our countries runs deep. Recent high-level talks have strengthened collaboration. These will allow more avenues for economic growth,” said Al Blooshi.
H.E. Khalid Saeed Al Shuaibi, the president of the National Investment and Export Development Program “NAZDAHER”and the President of Oman Fencing Committee, speaks at the business session on "Middle East: Outlook in the Middle East Market" at the Belt and Road Summit 2023 at Hong Kong Convention and Exhibition Centre in Wan Chai on Sept 14, 2023. (CALVIN NG / CHINA DAILY)
He said that the technology sector stands out as an economic driver of key growth for Abu Dhabi and they were extending a warm welcome to Chinese expertise in helping to fulfill their objectives. Abu Dhabi’s robust logistics affirmed its natural position to support BRI plans, he added.
“When China succeeds, so does Abu Dhabi. Our goals are (the same),” said Al Blooshi.
Khalid Saeed Al Shuaibi, president of Oman National Program for Investment and Export Development, said that Oman is experiencing a new dynamism in its investment landscape, something which Omanis like to call “Renaissance 2.0” through their comparative and competitive advantage, tourism, mining and renewables.
With national vision “Oman 2040”, Al Shuaibi said the country was “reengineering the way we do business”, streamlining procedures that would better support companies and investors.
He noted that Oman hit a record $66 billion in its exports revenue and expects this to be higher in 2023. Playing an important part in this success are partnerships with the US, Singapore, and “hopefully soon — with China”.
