Russian Firms Keen to Develop Further Ties with UAE, Says Deputy Prime Minister
Russian Deputy Prime Minister Denis Manturov has praised the economic links between Russia and the UAE, noting the special nature of their relations. Manturov, who is also Russia’s industry and trade minister, spoke at the St. Petersburg International Economic Forum, where the ruler of the emirate of Ras al-Khaimah, Sheikh Saud Al-Qasimi, took part in the opening of the UAE’s pavilion. Trade turnover between Russia and the UAE has doubled over the past year and now amounts to $10 billion. Manturov said that the two countries are constantly expanding the range of areas in which they build joint work, including industrial cooperation projects, initiatives in transport and services, energy and food security. The two countries have also started an active negotiation process on a free trade agreement between the UAE and the states of the Eurasian Economic Union.
Priority Areas for Further Cooperation Considered
After the opening ceremony for the pavilion, Manturov and the Minister of Economy of the UAE Abdullah bin Touq Al-Marri joined the Russia-UAE business dialogue, during which priority areas for the development of further cooperation were considered. Manturov said that Russian companies are interested in continuing work on different vectors of cooperation and that Russian business is showing great interest in locating production and logistics facilities in the UAE. He added that industrial cooperation is the basis for increasing investment and trade turnover. Opportunities for cooperation in the aviation and automotive industries, metallurgy, mechanical engineering, and pharmaceuticals are being successfully implemented and worked out with colleagues from the UAE.
Trade Turnover Between Abu Dhabi and Moscow Doubles Over Past Year
In a speech at the forum, Al-Marri marked the strong participation of his country in the event, which includes 18 companies in various sectors of the economy. He noted that trade turnover between Abu Dhabi and Moscow has doubled over the past year and that the UAE and Russia have a very strategic partnership. The two countries are engaged in this partnership in a very robust way, and their trade has grown since then. Al-Marri said that the UAE and Russia have built a strong and significant approach in areas that they are looking forward to engaging with, more specifically on the aspects of science, AI (artificial intelligence), green energy, and technology.
Strengthening Trade, Economic and Investment Cooperation
The participation of the UAE as a guest country at the St. Petersburg International Economic Forum is an important step in strengthening trade, economic and investment cooperation between the two countries. The pavilion’s motto – “Impossible is Possible” – is seen as perfectly corresponding to the spirit of Russian-Emirati relations. The two countries have a rich history of cooperation based on the principles of mutual respect and trust. Manturov said that Russian firms are keen to develop further ties with the UAE, and he expects continued investment cooperation with the country. Emirati companies have invested in various sectors of the Russian economy in recent years, and these investments have paid off, as reflected in the figures of foreign trade turnover.