RAKEZ And Tianjin Free Trade Zone Sign Agreements To Enhance Economic Collaboration

Ras Al Khaimah Economic Zone (RAKEZ) and China's Tianjin Pilot Free Trade Zone (Tianjin FTZ) have formed a significant partnership. This collaboration aims to enhance economic connections and create cross-border opportunities between Ras Al Khaimah and China. The partnership was formalised through agreements with the Tianjin FTZ and Tianjin Port Free Trade Zone.

The Strategic Cooperation Agreement was signed by Zhu Changcun, Director-General of the Office of China (Tianjin) Pilot Free Trade Zone Administration, and Ramy Jallad, Group CEO of RAKEZ. Additionally, Jallad signed a Memorandum of Understanding (MoU) with Xu Haitao, Director of the Investment Promotion Bureau at the Tianjin Port Free Trade Zone Administrative Committee. These agreements aim to facilitate trade and investment between the two regions.

Through this collaboration, RAKEZ and Tianjin FTZ aim to boost mutual growth by attracting foreign direct investment. They plan to enhance economic ecosystems in both areas. This will involve sharing expertise and resources, fostering development in key sectors, and positioning both zones as prime destinations for cross-border business expansion.

Jallad stated that these agreements represent a transformative step towards strengthening Ras Al Khaimah's industrial capabilities. He emphasised that collaborations with Chinese business groups are part of their mission to drive economic growth and sustainability while supporting local development. By combining resources and visions, both regions aim to thrive through shared opportunities in key sectors.

RAKEZ is home to over 250 Chinese businesses across various sectors such as manufacturing, trading, hi-tech, electric vehicles, and renewable energy. This alliance reinforces their commitment to support Chinese investors entering Middle Eastern markets through Ras Al Khaimah. The strategic location and robust business solutions have attracted increased interest from Chinese firms.

Enhancing Global Partnerships

Yin Xiaofeng, Party Secretary of CPC Committee of Tianjin Port Free Trade Zone, highlighted the advantages of the Tianjin Port Free Trade Zone. He noted its strong industrial foundation and institutional innovation edge. Yin expressed a desire to strengthen cooperation with RAKEZ in fields like petrochemicals, renewable energy, shipping logistics, marine economy, automotive trade, and industrial investment.

He emphasised leveraging RAKEZ’s advantages as a gateway hub to the Middle East, South Asia, and North Africa. With superior transportation conditions and liberal policies for investment and trade, this will help Tianjin enterprises expand into Ras Al Khaimah and pursue overseas development.

RAKEZ continues deepening its engagement with China by focusing on long-term collaboration that drives innovation and economic growth. These efforts aim at positioning both regions for future success while creating a foundation for sustainable development in emerging sectors.

With inputs from WAM