UAE becomes first Arab co-host of expo

The United Arab Emirates will forge a closer partnership with China as both look to develop small and medium-sized enterprises, according to a trade promotion official from the Gulf country.

"Both China and the UAE are seeking to promote their SME sector and we are keen to harness our combined synergies and draw on each other's strengths and expertise to attain greater milestones in the growth and progress of this sector," said Majid Khalid al-Mazrouei, a senior official with the UAE Economy Ministry's trade promotion and investment department.

He made the remarks at a news conference on Monday, two days before the opening of the 15th China International SME Fair, which the UAE is co-hosting the event for the first time, in Guangzhou, a booming city in South China.

The UAE's pavilion at the fair has a dedicated cultural section, al-Mazrouei said, introducing visitors to major landmarks from each of the seven emirates that make up the country, and giving them an insight into the region's culture and heritage.

SMEs are poised to have a huge impact on the economies of both the UAE and China over the next few decades, according to al-Mazrouei.

"The UAE and China have always shared strong ties and we are keen to strengthen and consolidate them further ... to support the growth and development of both nations and help achieve mutual development goals," he said.

In the UAE, the government has taken steps to enhance the abilities of entrepreneurs and SMEs, widen their access to external markets, develop productive trade partnerships, explore best practice and exchange experiences with their global counterparts, according to al-Mazrouei.

He said SMEs are important in the UAE because they complement the country's diversification strategy, which has transformed it into one of the Middle East's most diversified economies.

A national innovation strategy has been drawn up in the UAE that focuses on SMEs as a pillar of the country's non-oil trade, alongside sectors such as renewable energy, transport, health, education, technology, water, and space.

"Given their importance, the UAE has been hard at work providing favorable regulatory and developmental frameworks and mechanisms for SMEs," said al-Mazrouei.

"The UAE Ministry of Economy is optimistic that this event will witness an enthusiastic turnout and prove to be fruitful and productive for everyone involved."

(China Daily 10/10/2018 page10)