BEIJING, Feb. 13 (Xinhua) -- The China-UAE Industrial Capacity Cooperation Demonstration Zone, located in the Khalifa Industrial Zone of the United Arab Emirates (UAE), has attracted the investment of 16 Chinese enterprises.
With a total investment of over 6.4 billion yuan, the first batch of Chinese enterprises, including companies from sectors such as building materials, chemistry and new energy, have started constructing their plants in the first phase demonstration zone with an area of 2.2 square kilometers.
Established in July 2017, the demonstration zone is the first capacity cooperation park involved in Belt and Road Initiative, representing an important consensus reached by the leaders of China and the UAE to strengthen international industrial capacity cooperation between the two countries.
Jiangsu province took the responsibility of putting it forward at the provincial level and Jiangsu Provincial Overseas Cooperation and Investment Co., Ltd. (JOCIC) is in charge of the specific management of the zone.
The demonstration zone adopts preferential policies to help enterprises cut capital costs, thus the zone features the lowest land rental prices locally, and the costs of water, electricity and labor there are significantly lower than in China.
In addition, enterprises and individuals that have invested in the park are also exempted from value-added tax and income tax.
The demonstration zone also offers one-stop service for investors such as plant construction, living facilities, formalities, financial support, legal services and market consultation.
As the financial center in the Middle East, UAE provides strong financial support for companies in the zone in cooperation with a number of Chinese financial institutions such as China Development Bank, Sinosure and Bank of China. (Edited by Wu Shuang, email@example.com)