The Abu Dhabi Department of Economic Development (ADDED) and Jiangsu Overseas Cooperation and Investment Corporation (JOCIC) have signed a memorandum of understanding (MoU) to maxmise synergies of Abu Dhabi Industrial Strategy (ADIS) and China’s Belt and Road Initiative and guide sustainable development’s efforts.
The agreement aims to enhance Abu Dhabi’s position in the industrial value chain and attract and enable Chinese industrial investments.
His Excellency Ahmed Jasim Al Zaabi, Chairman of ADDED and His Excellency Ma Xin, Executive Vice Governor of Jiangsu province witnessed the MoU signing ceremony on the sidelines of a high-level Chinese government delegation’s official visit to Abu Dhabi to further enhance ties.
Eng. Arafat Al Yafei, Executive Director of Industrial Development Bureau (IDB), ADDED’s arm to develop the industrial sector, and Mr. YONGGANG ZOU the general manager at the China-UAE Industrial Capacity Cooperation (JIANGSU) Development and Management, 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 top-notch Chinese industrial companies to grow and expand out of Abu Dhabi.
ADDED and JOCIC agreed to work closely to further develop investment and business environment and provide support and incentives to investors in Abu Dhabi’s industrial sector. They will promote investment opportunities, advance development of industrial zones, and services provided to investors in the industrial sector.
To achieve goals of the agreement, both parties will exchange data, information, technical expertise, and facilitate research in to target opportunities in the industrial sector to boost economic growth in Abu Dhabi and China.
The MoU 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% of Jiangsu’s GDP, mainly electronics, information, equipment, advanced materials, renewable energy, and petrochemical.
The province’s trade with the UAE rose 17.7% in 2022 to reach US$6.18 billion (AED 22.7 billion). UAE’s investments in Jiangsu reached 174 projects by end of last year while the province’s investments in the UAE totaled 111 projects.
JOCIC will collaborate with the Industrial Development Bureau (IDB) 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, and smart utilities, electric vehicle (EV), circular economy, health care, fabricated structure including steel structure and 3D printing, and petroleum equipment like valve, pipe coating, and maintenance services.
Eng. Arafat Al Yafei, Executive Director of Industrial Development Bureau (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 centers as ADIS transformational programmes are supporting innovators and market disruptors to shape tomorrow’s manufacturing”.
Mr. YONGGANG ZOU, General Manager at China-UAE industrial capacity cooperation (Jiangsu) development and management Ltd - Abu Dhabi, said:
“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.”