The NDRC and ADGM enter new cooperation to support industrial growth and investment along Belt-And-RoadADGM China Office 24/07/2019
ADGM further strengthens financial collaborations and economic ties with key institutions in China
Abu Dhabi Global Market (ADGM) and the National Development and Reform Commission (NDRC) signed a memorandum of understanding (MOU) to jointly foster greater China-UAE collaboration and efforts to develop the industrial capacity and financial cooperation along the Belt-and-Road corridor. This MoU was announced in the presence of His Highness Sheikh Mohammed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces and Mr Xi Jinping, President of the People’s Republic of China during the state visit by the Abu Dhabi State Leader and his Ministerial delegation to the People’s Republic of China on 22 July 2019.
The agreement was signed between H.E Ahmed Ali Al Sayegh, Minister of State (UAE) and Chairman of ADGM, and He Lifeng, Chairman of NDRC. This follows from President Xi Jinping’s invitation for comprehensive cooperation, shared development, and future-oriented strategic partnerships among the Chinese, the UAE and other Arab economies.
As part of the cooperation, both NDRC and ADGM will explore and establish a Belt-and-Road investment and financing centre that will serve and support major joint projects and initiatives between China and the UAE. In addition, both parties will promote and support Chinese and UAE industrial, production-capacity enterprises and financial institutions seeking to establish their presence in each other’s market and exploring possible investment opportunities. This includes support in understanding and interacting with government and regulatory agencies, setting up of business procedures and related matters. ADGM will work closely with NDRC in enabling recognised Chinese companies and institutions to tap on ADGM as their investment and financial centre to support their businesses and initiatives in the MENA region.
The National Development and Reform Commission (NDRC) of the People's Republic of China, formerly known as the State Planning Commission and State Development Planning Commission, is a macroeconomic management government agency under the State Council, which has broad administrative and planning control over the economy.
The MoU brings forth the commitment of NDRC and ADGM in strengthening the strategic cooperation between the two countries through purposeful and feasible efforts and initiatives to support the Belt-and-Road Initiative. This includes advancing the industrial capacity, investment and financial cooperation among China, the UAE, and the Middle East and North Africa region.
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