Abu Dhabi Ports and the Jiangsu Provincial Overseas Cooperation and Investment Company Limited (JOCIC) announced that 15 Chinese companies had agreed to invest $1bn in the free trade zone in a 2.2 sq m area dubbed the dubbed as the China-UAE Industrial Capacity Cooperation Industrial Park.
This week Abu Dhabi Ports and JOCIC hosted Chinese delegation to raise awareness of the industrial zone.
On the sidelines of the visit, three new Chinese companies entered into agreements to invest in KPFTZ and lease space - Nantong Suzhong Construction, Lianyungang Anlun Oilfield Chemical, and Jiangsu Dafeng Port Holding Group, which will inject a further $47m into KPFTZ.
“Last year, Abu Dhabi Ports and JOCIC took the first steps to a promising future relationship that will bolster economic and trade ties between our two countries even further in addition to supporting each nations growth strategy. Today, we celebrate a key milestone in our collaboration and look forward to the continued success of the China-UAE Industrial Capacity Cooperation Industrial Park,” said Mohamed Juma Al Shamisi, ceo of Abu Dhabi Ports.
Luo Hua, chairman of JOCIC, commented: “This project is an important cornerstone in China and UAE’s bilateral industrial agreement and one that is highly valued by the leadership of both countries.”
The China-UAE Industrial Capacity Cooperation Industrial Park supports both the Chinese Belt and Road Initiative (BRI) as well as the UAE Vision 2021.