China is to establish a $300 million distribution centre in the Emirate of Dubai to serve as the country’s export hub to the Middle East, Africa and Eastern Europe, it was announced by Ministry of Commerce Vice-Minister Wei Jianguo recently.
The Chinese government’s first such venture overseas will be set up in conjunction with the United Arab Emirates and is expected to handle transactions totaling $1.5 billion annually. It is thought the centre will benefit around 4,000 Chinese firms.
According to Wei, bilateral trade between China and the UAE could reach US$8 billion this year, rising to $10 billion in 2005.
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