The Hefei National High-tech Industry Development Zone recently reached a cooperation agreement with the Chinese General Chamber of Commerce UAE to operate the Hefei-Middle East Business Harbor.

The signing ceremony of the Hefei-Middle East Business Harbor. [Photo/WeChat account: hefeigaoxinfabu]

Amid active economic diversification efforts of Middle Eastern countries, there is growing synergy between them and China to bolster a resilient economic framework. The harbor, as a pivotal nexus for economic and trade collaboration between Hefei and the Middle East, seeks to connect with top-tier resources including enterprises, chambers of commerce, overseas Chinese communities, funds, and financial institutions. Its primary goal is to facilitate Hefei enterprises’ efforts to penetrate the Middle East market, nurture projects, and establish crucial liaisons with governmental bodies. This initiative further underscores the zone's efforts toward economic development, technological innovation, and business environment improvement, thereby amplifying its global impact and reputation.

In recent years, the zone has embraced the philosophy of open development, achieving robust development in its export-oriented economy and continually enhancing its opening up to the world. Notably, its import-export volume surged from $3.7 billion to $9 billion over the past five years, growing annually at an average rate of 25%. The zone's foreign direct investment has gathered momentum, with $151 million secured in the first half of 2024, a $137 million increase year-on-year. Additionally, it has signed four new foreign investment projects totaling $670 million.

Looking ahead, the zone plans to leverage the harbor to attract capital inflows and facilitate overseas expansions for enterprises in the zone. By focusing on sustained engagement in the Middle East, it aims to advance its vision of becoming a world-class high-tech hub.