ABU DHABI, (Pakistan Point News - 25th Oct, 2023) Abu Dhabi Department of Economic Development (ADDED) and Jiangsu Provincial Overseas Cooperation and Investment Company (JOCIC) signed a memorandum of understanding (MoU) to maximise the aims of Abu Dhabi Industrial Strategy (ADIS) and China’s Belt and Road Initiative to support sustainable development.
The agreement aims to enhance Abu Dhabi’s position in the industrial value chain and attract and enable Chinese industrial investments.
Ahmed Jasim Al Zaabi, Chairman of Abu Dhabi Department of Economic Development, and Ma Xin, Executive Vice Governor of JOCIC, witnessed the MoU signing ceremony on the sidelines of a Chinese government delegation’s official visit to Abu Dhabi.
Arafat Al Yafei, Executive Director of Industrial Development Bureau (IDB), ADDED’s arm for regulating and developing the industrial sector in Abu Dhabi, and Yonggang Zou, the General Manager at the China-UAE Industrial Capacity Cooperation, signed the MoU to commence cooperation.
Established in 2017 to lead investment, development, operation, and management of China-UAE Industrial Capacity Cooperation Demonstration Zone (ICCDZ), JOCIC is managing a mega industrial park located in KEZAD geared up to promote industrial and economic cooperation between Abu Dhabi and China and attract Chinese industrial companies to grow and expand out of Abu Dhabi.
ADDED and JOCIC have agreed to work closely to further develop investment for the business environment and provide support and incentives to investors in Abu Dhabi’s industrial sector. They will promote investment opportunities, advance the development of industrial zones, and services provided to investors in the industrial sector.
To achieve the goals of the agreement, both parties will exchange data, information, and technical expertise, and facilitate research into target opportunities in the industrial sector to boost economic growth in Abu Dhabi and China.
The agreement also reflects ADDED’s commitment to further strengthen the relations with Jiangsu province and benefit from its capabilities as a major industrial hub in China, manufacturing activities contribute 45.5 percent of Jiangsu’s GDP, mainly electronics, information, equipment, advanced materials, renewable energy and petrochemical.
The province’s trade with the UAE rose 17.7 percent in 2022 to reach AED 22.7 billion. The UAE’s investments in Jiangsu reached 174 projects by end of 2022, while the province’s investments in the UAE totalled 111 projects.
JOCIC will collaborate with the Industrial Development Bureau to promote investment opportunities in sectors targeted by Abu Dhabi Industrial Strategy. They will focus on attracting manufacturers specialised in renewable energy-related manufacturing such as solar, hydrogen, smart utilities, electric vehicles (EVs), circular economy, health care, fabricated structure including steel structure and 3D printing, and petroleum equipment like valve, pipe coating, and maintenance services.
Arafat Al Yafei, Executive Director IDB, said, “We are pleased to partner with key players in the industrial sector like Jiangsu Overseas Cooperation and Investment Corporation (JOCIC) as we are forging ahead with our efforts to strengthen Abu Dhabi’s position as the most competitive industrial hub in the region.
"Since its launch, the Abu Dhabi Industrial Strategy (ADIS) is guiding an exponential shift in the manufacturing landscape, with talent development, ecosystem enablement, Industry 4.0, circular economy, homegrown supply chain, and value chain development at its core. We believe this partnership with JOCIC will propel our efforts to achieve milestones on par with global industrial centres as ADIS transformational programmes are supporting innovators and market disruptors to shape tomorrow’s manufacturing.”
Yonggang Zou, General Manager at China-UAE Industrial Capacity Cooperation (Jiangsu) Development and Management Ltd - Abu Dhabi added, “By formalising this Memorandum of Understanding, JOCIC and ADDED have laid a comprehensive groundwork for collaboration, aligning with the key principles set forth by the leaders of our respective nations. Together, we aim to develop exemplary bilateral projects that will play a pivotal role in fostering cooperation. This collaborative effort serves as a formidable catalyst for attracting exceptional projects and expediting the establishment of new enterprises. Seizing this momentous occasion, we will assemble a dedicated team to promptly select suitable projects and propel their efficient implementation.”
