Dubai Exports, the export promotion agency of the Department of Economic Development (DED) - Dubai, and the Hong Kong Trade Development Council (HKTDC) have signed a memorandum of understanding (MoU).
The MoU aims at promoting trade between Dubai and Hong Kong. The two sides have agreed to intensify their efforts to organise more activities to promote bilateral trade and enable businesses to leverage the strengths of Dubai and Hong Kong as regional gateways.
"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. 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," said Engineer Saad Al Awadi, Chief Executive Officer, Dubai Exports.
Benjamin Chau, Deputy Executive Director, HKTDC said: "It is 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." Total trade between the UAE and Hong Kong during the first nine months of 2012 rose by 33 per cent year-on-year to AED 25.7 billion (US$7billion) . The UAE's total exports to Hong Kong during the period jumped 48 per cent to AED12.8 billion. Pearls, precious '&' semi-precious stones (28%), telecommunications equipment '&' parts (27%), engines '&' motors, non-electric,'&' parts (15%) and jewellery (15%) were the major exports, making up 85 per cent of the total.
UAE imports from Hong Kong were valued at AED11.7 billion over the same period, representing a year-on-year increase of 20 per cent. Among them, pearls, precious '&' semi-precious stones, telecommunications equipment '&' parts, computers and jewellery were the major imported items, together accounting for AED7.34 billion.
"As Asia will be a key focus in the 21st century, Hong Kong will be an important two-way platform for doing business in and out of the region. Thousands of UAE companies already see our trade fairs as their business platform every year. With stronger cooperation between the EDC and HKTDC, I am sure the relationship will grow and more companies will capitalise on market opportunities in our respective regions and beyond," Chau added.
HKTDC organises more than 30 international trade fairs in Hong Kong each year. Nine of them are the largest of their kind in Asia, and three - Hong Kong Gifts '&' Premium Fair, Hong Kong Watch '&' Clock Fair, and Hong Kong Electronics Fair (Autumn Edition) - are the world's largest.
In the coming months, HKTDC will stage major shows including the Hong Kong Fashion Week for Fall/Winter, World Boutique Hong Kong, Hong Kong International Jewellery Show, Hong Kong Electronics Fair, HKTDC Food Expo and Hong Kong International Tea Fair next year.
"With our new partnership with HKTDC, we plan to extend the scope of our services to exporters aiming for the East Asian markets," added Al Awadi.
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.