The United Arab Emirates (UAE) is displaying its latest development in the service trade at the 2022 China International Fair for Trade in Services (CIFTIS), which opened Wednesday in Beijing. 2022 CIFTIS has honored the UAE as the Country of Honor, the first country from the Middle East and North Africa (MENA) region to receive the distinction.

CIFTIS, now in its ninth year, serves as a crucial platform for China to expand its opening-up and promote innovation. It is pivotal in sharing business opportunities and promoting global services development.

Chinese Vice Premier Han Zheng visited the UAE pavilion at CIFTIS and conversed with UAE Ambassador to China Ali Obaid Al Dhaheri. The ambassador extolled the growing China-UAE trade and economic relationship, noting, "For the UAE and China, our strong relationship is built upon a foundation of shared values. We look forward to cooperating in growing dynamic and globalized financial industries and the services industries that help to underpin both of our economies. As the UAE's Ambassador to China, I am proud of our partnership with the people of China, marked by our numerous win-win projects and endeavors."

The UAE pavilion features representative enterprises and displays its aviation, financial, and cultural services as well as advanced manufacturing, comprehensively showcasing the country's latest developments in the service trade.

The UAE has prioritized attracting foreign direct investment (FDI) by improving the business environment, stimulating economic diversification, and investing in logistics infrastructure. In 2020, FDI inflows to the UAE were valued at $19.9 billion. According to the UN World Investment Report 2021, the UAE ranked first in attracting FDI regionally. This year, for the first time, the UAE's non-oil foreign trade exceeded 1 trillion UAE dirham ($272 billion) in just half a year.

Thanks to the China-UAE comprehensive strategic partnership, the UAE is now China's largest export market and the largest non-oil trading partner in the MENA region, with bilateral trade standing at $50 billion. The UAE is also a critical logistics hub for China in the Middle East, with more than 60% of China's trade in the region transiting through the UAE.

On Sept. 1, the Embassy of the UAE in Beijing hosted a seminar themed on the diverse economy. During the seminar, China National Petroleum Corporation and UAE's national airline Etihad Airways signed a global corporate deal.

The UAE's ports also play a crucial role in the country's international development. The UAE ranked first among the Arab countries and fourth globally in the quality of port infrastructure, according to the logistics industry report by Mordor Intelligence.

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