UAE's honor at CIFTIS shows its services, innovation growth

In the 18th and 19th Century, the great economies of the world, the great fortunes amassed, were often fueled by the extraction and sale of raw resource commodities – rubber, ivory, tea, oil, etc. In the 20th century, fortunes multiplied in the era of mass manufacture and the mass consumption of consumer products. Now, in the 21st century, efficient wealth creation lies in the provision of superior services and innovative systems.

Since its initial launch a decade ago, the China International Fair for Trade in Services has steadily evolved into one of China's primary platforms promoting economic liberalization and international cooperation. It is now also the largest international comprehensive fair for trade in services. This year, the UAE had the privilege to attend the fair as the CIFTIS Country of Honor. As such, we were the first Middle East and North Africa country to receive such distinction, a recognition of the UAE and its people for their advanced capacities in trade and services.

The UAE, presented with this great opportunity, showcased its national companies in the fields of logistics, supply chain, aviation, finance, and advanced manufacturing at the UAE national pavilion at CIFTIS. Drawing upon rich historic traditions, representatives from UAE's cultural and tourism organizations were also in attendance.

Today, CIFTIS is an inclusive, sustainable, and diversified platform championing economic globalization. Its success in 2022, despite global economic headwinds, is reflective of the advanced progress and resilience of the Chinese service sector. This strength has only been made possible through the sincere commitment China has maintained to the opening-up of the Chinese economy and the development of internationally competitive services. The UAE, like China, remains a beneficiary of an open and globalized trade economy, and both countries share a common forward-oriented perspective and vision.

A greener, more sustainable future

In the past, China was known for its role as the "World's Factory", in particular for the manufacture of cheap consumer goods. Times change and the China of 2022 is a leader in the design and manufacture of advanced, cutting-edge offerings and systems. A decade prior, China struggled with urban smog in many of its major population centers. Today, Chinese city dwellers enjoy fresh clean air and typically conduct their day-to-day business through the use of electric vehicles.

The UAE, likewise, was once known its oil-driven economy. In recent decades however, the UAE has made substantial progress in transitioning away from a resilience on fossil-fuel development. Instead, the UAE people have transformed the country into an influential force for innovation, technology, and trade.

The efforts have not been in vain. The UAE's digital industries already comprise a tenth of the overall annual economic output, and the country aims to double this contribution to 20 percent of the annual GDP before 2030. We already rank highly in the areas of finance and taxation, advanced technology, and energy, according to the global competitivity benchmarking.

This year for the first time, UAE non-oil foreign trade exceeded one trillion dirhams in just half a year, a sum worth 60 percent of our national GDP in 2021. Increasingly the people are known for their expertise in innovation, the digital industries, professional services, and sustainable energy, rather than for resource extraction. These achievements have come as the UAE continues its evolution into an even more innovative, open, and vibrant society.

Our success today has come as a result of wise national leadership and our strategic geographic location. Emirati leaders have articulated a forward-looking agenda to reinforce our upward trajectory, as outlined in our Vision 2021 and Centennial Plan 2071 strategies, which work to position the UAE as a world-leading trade and investment gateway. Thanks to our central location, the UAE is a gateway of Europe, Asia and Africa, giving it access to key trade routes and shipping lanes. It is directly connected to more than 250 cities around the world and our shipping network includes over 400 cities. With over 40 free zones allowing 100 percent foreign ownership of business, industrial and commercial areas, world-class infrastructure. Abu Dhabi, the capital city of the UAE, now is home to one of the most vibrant business ecosystems internationally, as well as top shopping destinations and outstanding companies. Dubai, the city of the future, exemplifies Emirati shipping capabilities, ranking among the 10 ten container ports in the world. It is no surprise that 60 percent of cargo destined for GCC states arrives via Emirati ports.

In addition to port and logistics infrastructure, the UAE boasts the most advanced digital infrastructure in the region, ranking first in the Arab world and eighth globally in the Online Services Index by the UN E-Government Development Index, as well as seventh globally in the Telecommunication Infrastructure Index. Investment continues without slowing pace. Site Selection Magazine's Global Groundwork Index for 2020 ranked the UAE third globally for investment into infrastructure projects and facilities.

A shared vision for expanded cooperation

The UAE has always attached importance to maintain close relations with China. After nearly four decades of friendship and cooperation, our two countries have developed a deep mutual respect. As a result, our partnership is stronger than ever, and the UAE have jointly accelerated cooperation in new and exciting areas. I believe that our shared commitment to an open and globalized economy of trade and services will increasingly become a greater component in future cooperative efforts under the auspices of the UAE-China Comprehensive Strategic Partnership.

China, like the UAE, is a pioneer in technological innovation, the digital economy, and sustainable energy. Both countries are among the most advanced economies in the world in the development of new innovative industries and have already made great progress in the adoption of sustainable industry and the promotion of scientific advancement.

In recent years, the global and increasingly multipolar community seeks innovative solutions to rapidly arising challenges. The clarity of vision and unity of purpose found in the UAE-China bilateral relationship will be crucial for making progress. The Emirati people will work together with China and other likeminded peoples, finding solutions to these urgent cross-border challenges and to re-energize global economic prosperity.

The author is an ambassador of the United Arab Emirates to China.

The opinions expressed here are those of the writer and do not necessarily represent the views of China Daily and China Daily website.

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