Gulf companies see China as the best place in Asia to do business
By CGTN's Global Business
Trade between China and the Middle East has been growing by the day. And Gulf companies and organizations now consider China as the best place in whole Asia to do business, according to Calvin Fu, Chief Representative of the China Office of the Abu Dhabi Global Market (ADGM).
ADGM is an international financial center based in the United Arab Emirates (UAE). It's the only Middle Eastern organization attending the China International Fair for Trade in Services (CIFTIS) this year, representing the UAE's financial regulator.
At the CIFTIS, ADGM is showcasing a full presentation of the bilateral investment and finance cooperation between two countries.
"We want to demonstrate our good view and our future strategic focus on China, particularly in the innovation investment and financial services for two countries," Fu said when speaking to CGTN Global Business, adding that ADGM also works on bridging the better facility of two countries in culture and government cooperation.
"About 60 percent of foreign trades to Arab countries go through the UAE. We play a very important role that connects every factor from human resources, capital, trade flow, and even flights and tourism," based on Fu, who stresses that ADGM acts as bridge for Chinese companies doing businesses in the region.
The UAE is China's most important trade partner in the Arab world and responsible for 28 percent of total non-oil trade between China and the region. Bilateral trade between China and the UAE has been surging in recent years. And National Development and Reform Commission and ADGM plan to establish a Belt-and-Road investment and financing center to support joint projects.
As China's service market keeps opening up, Fu sees more opportunities for UAE service providers in China.
"Because of China's continuous and sustainable financial innovation, and opening up policy within the three to four decades, we could have the world-class doing business environment and regulatory facilities here in China," Fu told CGTN.
He considers that for the UAE and the gulf companies, China is the best place in the whole Asia to do business to cover the whole continent.
"More and more organizations, like me, for example, I'm on behalf of the Abu Dhabi government… and more financial and commercial companies, business entities are coming here. And they can tell the better story with their real experience and best practices here to their counterparts, their colleagues, their parent companies of their homeland, and then get more to be here," he expects.