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UAE free zone inks deal to promote trade ties with China

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DUBAI: Dubai Multi Commodities Centre (DMCC), the biggest free trade zone in the United Arab Emirates (UAE), has signed a Memorandum of Understanding (MoU) with China Council For the Promotion Of International Trade (CCPIT), DMCC said today.

The agreement with CCPIT, China’s national foreign trade and investment promotion agency, was reached during DMCC’s latest Made for Trade Live roadshow in the Chinese central city of Wuhan, the capital of Hubei Province. The roadshow is scheduled to also go to other Chinese big cities including Beijing, the capital of China, and Shanghai, China’s most populous city.

The MoU “highlights Dubai’s position as a global gateway and the ideal partner for leading Chinese enterprises to access some of the fastest-growing markets in Central, South and Southeast Asia, Europe, the Middle East, Africa and beyond,” DMCC said in an e-mailed statement.

More than 15,000 companies from a wide range of industries and sectors, including energy, financial services, agricultural products, diamonds, gold and base metals, have set up branches through DMCC. “Signing this agreement represents a significant step forward in DMCC’s relationship with the Wuhan business community, and will only serve to strengthen the strong and longstanding economic ties between Dubai and China,” said Ahmed Bin Sulayem, executive chairman of DMCC.

For Zhang Aiming, deputy chairman of CCPIT Hubei Branch, the MoU with DMCC will “promote the significant commercial opportunities available to Chinese companies in Dubai.” “We look forward to working alongside the world’s leading free zone and connecting the Wuhan business community to exciting growth markets through the global hub of Dubai,” Zhang said.

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15 countries attending Int’l plastic products expo in Tehran

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TEHRAN: Iranian Deputy Petroleum Minister Reza Norouzzadeh and other officials from the country’s oil and petrochemical industry participated in the inauguration ceremony of the ‘Iran Plast’ exhibition.

The biggest-of-its-kind in the Middle East, the exhibition hosts as well as visitors from 22 countries. Iranian petrochemical companies are planned to engage with their peers in other countries during the event.

The 12th edition of Iran Plast exhibition is underway in Tehran International Permanent Fairground.  The four-day event is expected to wrap up on Thursday, 27th September. 

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USCS leads Pak businessmen to Solar Power Trade Event in US!

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KARACHI: The United States Commercial Service (USCS) is leading a 15-member delegation of Pakistani companies to Solar Power International (SPI) trade show, held in Anaheim, California from September 25 – 27, 2018. 

The SPI trade show is the largest solar show in North America.  SPI 2018 is expected to attract over 650 exhibitors and over 20,000 attendees from more than 100 countries.  Focused on providing the latest updates and information for the solar energy industry, SPI features multi-track conference sessions and workshops on business and market trends, solar storage, utility, and grid integration. 

“The Pakistani market is poised to take off in Solar Power, guided by a motivated government working to strengthen and expand economic and foreign investment opportunities and development,” said Mark Russell, Commercial Counselor at the U.S. Consulate in Karachi.”

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Chinese industrialists to invest $400 m in Sindh

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China to set up universities in Pakistan

HYDERABAD: The industrialists belonging to China’s Chongqing Federation of Industry and Commerce will invest $400 million in several trade and industrial projects in Hyderabad and other parts of Sindh.
The federation’s representative Zhang Yang informed a press conference at the office of Hyderabad Chamber of Commerce and Industry (HCCI) here Sunday that a memorandum of understanding (MoU) has already been signed in this regard. Yang informed that the MoU, which would last for 5 years, was signed between the Federation and HCCI in China in May this year.
He said under the MoU the investments would be made in steel, textile, and clothing, real estate, agriculture, tourism, education and training, municipal and solid waste disposal sectors. “We have declared Chongqing and Hyderabad as the friendly cities,” he told, adding that up to 34 industries and investors from Chongqing would make their investments in the joint ventures in Hyderabad and other cities of Sindh.
He told that the industrialists from the 2 cities had already maintained a promising cooperation in the industry. “We now want to further bolster the business ties in the steel, textile, real estate, and other sectors,” Yang said. He said Chongqing was a beautiful city in China and that it was home to the automobile and motorbike industry.
The Chinese businessmen said Hyderabad was a favorite place for investment where the Chinese industrialists intended to introduce advanced technology. He informed that Hyderabad was selected for the investment after HCCI submitted investment proposals to the federation. “This MoU is part of the CPEC as 34 Chinese companies will be making investments in various sectors,” former HCCI president Seth Goharullah said.
The HCCI’s vice president Ziauddin, who signed the MoU with his Chinese counterparts earlier in China, apprised that a formal agreement between the mayors of Chongqing and Hyderabad would be signed in October in Pakistan. He told that the Chinese delegations would visit Hyderabad and sign agreements with the local companies. According to him, a sub-office of the federation was also established in Hyderabad’s SITE area and it would also be inaugurated in October. The office bearers and members of HCCI were present on the occasion.

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