Chinese firms investing $1b in Khalifa Port FTZ

Abu Dhabi Ports in the United Arab Emirates and Jiangsu Provincial Overseas Cooperation and Investment Co. Ltd. of China said 15 Chinese companies have signed agreements.    Abu Dhabi Ports in the United Arab Emirates and Jiangsu Provincial Overseas Cooperation and Investment Co. Ltd. (JOCIC) of China said 15 Chinese companies have signed agreements to invest about $1 billion in the Khalifa Port Free Trade Zone. 
   Specifically, JOCIC will develop 2.2 square kilometers (nearly a square mile) of the foreign trade zone for companies from the Chinese province of Jiangsu. The area, called the China-UAE Industrial Capacity Cooperation Industrial Park, is part of the Khalifa Port FTZ and can be expanded up to 12.2 square kilometers. 
  The Chinese companies investing in KPFTZ come from the construction, metals, chemicals, trade and logistics, packaging, and food and beverage sectors.
   Nantong Suzhong Construction Co. Ltd., Lianyungang Anlun Oilfield Chemicals Co. Ltd. and Jiangsu Dafeng Port Holding Group, for example, will inject $47 million into the FTZ, considered the largest in the Middle East.  
   The agreement reached between the Khalifa Port FTZ and JOCIC also supports both the UAE Vision 2021 and China’s “Belt and Road” initiative.