Dubai Airport Freezone Authority (DAFZA) announced Monday a "new strategic partnership" with northeast China's Liaoning Province to expand bilateral trade.
The DAFZA signed a Memorandum of Understanding (MoU) with Liaoning Chamber of Commerce United Arab Emirates (UAE), the platform for Liaoning's companies in the UAE.
The MoU was signed by Nasser Al-Madani, assistant director general of the DAFZA, and Fan Yewei, president of Liaoning Chamber of Commerce UAE, at the signing ceremony held in the free zone.
The DAFZA said the deal will increase collaboration between the two organizations to help promote bilateral trade.
It will create new business and investment opportunities through partnering with Liaoning Province, the DAFZA added.
As part of the agreement, the DAFZA and Liaoning Chamber of Commerce UAE will conduct regular visits and consultation, with an aim to open more channels of communications, increase knowledge and information exchange, and maximise mutual support.
Participating in international investment events and conferences will also be a part of the partnership.
Al-Madani said the strategic partnership will strengthen their alliance in a number of key areas including technology, innovation, cross-border E-commence, shipping and logistics.
The DAFZA will support the companies referred by Liaoning Chamber of Commerce to exhibit their products and services in the free zone, Al-Madani said.
Fan said the MoU will encourage Chinese investors to set up businesses in the DAFZA in important sectors and industries.
"This will have a positive impact on growing bilateral trade between Liaoning and the UAE, and we look forward to continued association and partnership," said Fan.
Two-way trade between the UAE and China crossed 35 billion U.S. dollars last year. China and the Asian market continue to be major focus areas for the DAFZA and the UAE, as 17 percent of the companies in the DAFZA are from Asia.
The DAFZA will also target the Chinese market through launching a series of campaigns in other provinces of China, including Shenzhen and Guangzhou, which are expected to start in April this year.
The free zone has previously signed a MoU with China (Guangdong) Pilot Free Trade Zone Nansha Area of Guangzhou.
It recently announced that it achieved a 25-percent growth in registered companies in 2017. The free zone contributed 7 percent of Dubai's non-oil trade, representing 18 percent of total free zones' trade within Dubai.
