The UAE and the Federal Republic of Russia have agreed to extend bilateral relations to wider horizons through exploring new economic and investment opportunities in different development sectors, during the Russia-UAE Forum organized in Moscow with support from the Russian-Arab Business Council.
UAE Minister of Economy Sultan bin Saeed Al Mansouri and Minister of Regional Development of the Russian Federation Igor Slyunyayev signed a memorandum of understanding during the inauguration of the UAE-Russian Business Forum in Moscow to strengthen the bilateral cooperation in areas of economy and investment.
In his inaugural speech, Al Mansouri said that the UAE “is convinced the trade exchange and joint investment between the two countries are below expectations given potentials and good relations between the two countries”.
He called for both sides to exert more efforts to attract investments through the promotion of projects and setting up of joint projects in areas of economy, industry, trade and investment, adding that the UAE is looking forward to benefiting from advanced Russian technology in the areas of industry, agriculture and energy to enter into the Russian market.
Al Mansouri said the UAE accounts for more than two-thirds (67 per cent) of the volume of trade exchange between the GCC states and Russia. The volume of trade exchange between the UAE and Russia had tripled during the past 10 years; it surged during the past year by more than $3 billion at a growth rate of 90 per cent compared to 2012.
He noted that there are 350 joint projects between Emirati and Russian businesspersons in the UAE. Meanwhile, hundreds of Russian companies opened representative offices in the UAE. The UAE’s investments in Russia touched about $18 billion.
For his part, the Russian minister called for upgrading the level of trade and investment cooperation between the two countries to keep abreast with huge economic potentials and bilateral relations.
Meanwhile, a high-ranking trade delegation from Sharjah, including representatives from the Sharjah Investment and Development Authority, or Shurooq, has concluded its participation in the Kazan Summit 2014 in Tatarstan and the UAE-Russia Business Forum in Moscow, which were held from June 5 to 7, as part of the UAE trade delegation that was led by Al Mansouri.
Sharjah’s participating delegation included Abdulaziz AlMidfaa, deputy director of Economic Relations and Public Relations at the Sharjah Department of Economic Development; Mohammed Al Musharakh, head of Investment Promotion at Shurooq; Khalid bin Butti bin Obaid, assistant director-general for Membership and Branches at the Sharjah Chamber of Commerce and Industry; and Jassim Eissa AlMutawa, coordinator of relations with the CIS countries at the Sharjah Chamber.