Heading: Strengthening Economic Ties between Russia and the UAE
Introduction:
Russian firms are eager to enhance their connections with the UAE, according to Denis Manturov, Russia’s Deputy Prime Minister and Minister of Industry and Trade. Speaking at the St. Petersburg International Economic Forum, Manturov emphasized the special nature of Russian-Emirati relations, highlighting the strong bonds of friendship and a history of cooperation based on mutual respect and trust. The trade turnover between the two countries has doubled in the past year, reaching $10 billion. This article explores the various areas of collaboration between Russia and the UAE and the potential for further development.
Heading: Expanding Cooperation in Various Sectors
Manturov expressed his enthusiasm for expanding collaboration between Russia and the UAE in multiple areas. He mentioned ongoing industrial cooperation projects, initiatives in transportation, services, energy, and food security. Additionally, negotiations for a free trade agreement between the UAE and the Eurasian Economic Union are underway, which is expected to boost trade and economic ties significantly. The Deputy Prime Minister highlighted the interest of Russian businesses in establishing production and logistics facilities in the UAE, indicating the potential for increased investment cooperation.
Heading: Investment Cooperation and Trade Turnover
Manturov acknowledged the significant investments made by Emirati companies in various sectors of the Russian economy. These investments have yielded positive results, as reflected in the foreign trade turnover figures. He emphasized that industrial cooperation serves as a foundation for increasing investment and trade turnover between the two countries. Notably, successful collaborations in aviation, automotive industries, metallurgy, mechanical engineering, and pharmaceuticals have been established with UAE counterparts.
Heading: UAE’s Strong Participation at the St. Petersburg International Economic Forum
Abdullah bin Touq Al-Marri, the Minister of Economy of the UAE, also highlighted his country’s active involvement at the St. Petersburg International Economic Forum. The UAE’s pavilion at the event featured 18 companies from various sectors of the economy. Al-Marri emphasized the doubling of trade turnover between Abu Dhabi and Moscow over the past year. He mentioned specific areas of interest for engagement, such as science, artificial intelligence (AI), green energy, and technology. The strategic partnership between the UAE and Russia is robust, and both countries are committed to further growth in trade and economic cooperation.
Heading: Strengthening Trade, Economic, and Investment Cooperation
The participation of the UAE as a guest country at the St. Petersburg International Economic Forum is a significant step towards strengthening trade, economic, and investment cooperation between Russia and the UAE. The pavilion’s motto, “Impossible is Possible,” perfectly aligns with the spirit of Russian-Emirati relations. Both countries are eager to explore new avenues of collaboration and leverage their respective strengths to foster economic growth and prosperity. The forum provides a platform for dialogue and the identification of priority areas for future cooperation.
Conclusion:
The economic ties between Russia and the UAE continue to flourish, with trade turnover doubling in the past year. The commitment to mutual respect, trust, and friendship forms the foundation of Russian-Emirati relations. Both countries are actively engaged in industrial cooperation projects, with a focus on sectors such as aviation, automotive industries, metallurgy, mechanical engineering, and pharmaceuticals. The ongoing negotiations for a free trade agreement between the UAE and the Eurasian Economic Union are expected to further enhance trade and economic ties. The participation of the UAE as a guest country at the St. Petersburg International Economic Forum signifies the importance both nations place on strengthening their collaboration. With a shared vision for growth and development, Russia and the UAE are poised to achieve new heights in their economic partnership.