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More to Middle East than just oil

By Song Hongmei (China Daily)
Updated: 2007-11-08 10:20

China's fast growing economy matches the Middle East's thirst for cross-border investments, economists and officials said.

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Bilateral trade between China and the Arab countries has developed quickly over the past few years, said Long Yongtu, secretary-general of the Boao Forum for Asia, at the 11th annual Business Week CEO Forum in Beijing.

In 2006, China's trade volume with Arab nations, led by Saudi Arabia and the United Arab Emirates (UAE), soared more than 10 times to $62 billion, from $5 billion in 1995, said Long.

As China and the Middle East continue to intensify their economic links, both these strategically important regions have come closer, said Long. He added the two sides have enormous potential to cooperate with each other.

He said he believes that "beyond the traditional supplies of oil and gas, Arab countries have much more to offer to China", such as in the areas of financial services and environmental protection.

Nasser Al Shaali, CEO of Dubai International Financial Center, echoed Long, saying the UAE sent two delegations to China in May and September to promote cooperation in such areas as financial services, aviation and tourism.

Al Shaali confirmed the Industrial and Commercial Bank of China Ltd (ICBC), China's largest lender by market value, will expand its presence to Dubai. "They (Chinese firms) will feel comfortable when their own banks are with them. On the other hand, the ICBC can help our firms in their investments in China."

Investing in China will be easier if Arab investors know more about China's current business development and have more experience in communicating with Chinese businesspeople and officials, said Long.

China and the Arab countries can boost mutual understanding and consolidate the friendship between their peoples by launching more cultural and educational activities as young people know little about their historic relations, said Saudi Arabia's Prince Turki Al-Faisal.


(For more biz stories, please visit Industry Updates)



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