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DMCC bolsters trade ties with China via Chengdu Hi-Tech Zone deal

DMCC bolsters trade ties with China via Chengdu Hi-Tech Zone deal
Top officials from DMCC & Chengdu during the signing ceremony

UAE – Mubasher: The Dubai Multi Commodities Centre (DMCC) signed a Memorandum of Understanding (MoU) with Chengdu Hi-Tech Industrial Development Zone, a Chinese high-tech parks giant, to foster bilateral cooperation between the UAE and China.

Marking the start of discussions for future joint cooperation between the two organisations, this partnership will enable Chinese companies to invest in the Emirati market and expand trade on both local and regional scales, according to a press release on Tuesday.

The signing ceremony took place at the China-UAE Conference on Islamic Banking and Finance (CUCIBF) on 7 January 2020, between the executive director – Commodities and Financial Services, DMCC, Sanjeev Dutta, and deputy director, Chengdu Hitech Zone Management Committee, Chen Hongtao.  

Commenting on the deal, Dutta remarked, “DMCC has close to 500 Chinese member companies, operating in a wide variety of sectors from energy to technology, and precious metals to construction. This figure is on the rise and currently equates to nearly 10% of all Chinese companies in the UAE.”