H.E. Engr. Sultan bin Saeed Al Mansoori, Minister of Economic situation, recently discussed leads for future financial and industrial participation with the Russian Federation under the structure of the latter's bilateral relationships with the UAE, various other GCC nations, and the whole region.
The Minister met with senior officials of the Russian Government while going a financial and trade delegation from the UAE in a visit to the Russian Federation to join the 8th International Industrial Trade Fair (Innoprom) running from July 10 to 13, 2017 at the Russian city of Yekaterinburg.
The delegation consisted of H.E. Abdullah Al Saleh, Undersecretary of the Ministry of Economic climate for Foreign Trade and Industry; H.E. Abdullah Sultan Alfan Alshamsi, Assistant Undersecretary for Industrial affairs; and various other federal government and private sector reps.
During the meeting, both sides praised the existing level of collaboration between both countries, emphasizing the significance of further enhancing incorporate numerous locations of common interest - including the transformative sectors, petrochemicals and aluminum, advanced modern technologies, and the fields of innovation, clinical research, renewable resource, farming and food.
H.E. Al Mansoori underscored the relevance of healthy and balanced economic and trade connections between the two friendly countries, explaining that the existing growth in international trade indices reflects their common need to develop efficient participating mechanisms in all vital markets.
He better stated that non-oil trade in between the UAE and Russia has actually been getting to high levels, keeping in mind a record USD 2.1 billion in business exchange for 2016 which he stated is likely to enhance dramatically because of existing and upcoming common possibilities for both countries.
Over the last two years, the UAE has invited more than 600,000 Russian site visitors. The UAE's nationwide carriers operate 56 once a week trips between the two countries.
The Minister reviewed priority areas under the UAE's economic schedule, specifically pointing out seven fields identified by the National Innovation Strategy, specifically energy, transportation, technology, education, medical care, water and space. He highlighted that the UAE is keen to benefit from Russia's world-leading experience in the fields of industry and clinical research and development.
H.E. Al Mansoori praised Innoprom as a recognized worldwide platform for learning about the most recent commercial technologies in a variety of vital techniques and advanced Russian modern technology in the areas of transport and transformative sectors.
The Minister likewise invited Russian business owners and capitalists to broaden their presence in the UAE market and gain from available financial investment possibilities as well as motivations and advantages taken pleasure in by locally running business.
For his part, H.E. Denis Manturov, the Russian Minister of Industry and Trade, emphasized the distinguished economic relations between the UAE and Russia, mentioning his nation's keenness to collectively work with creating much more cooperative leads and going on to advanced level.
H.E. Manturov included that there are many locations of collaboration that provide appealing possibilities for developing partnerships and boosting mutual investments in between both sides. He explained that the Russian side is eager to boost the level of its farming and industrial exports to the UAE and the region generally. He highlighted the importance of working on improving affiliations between business neighborhoods of both sides to evaluate major investment possibilities.
Gulf-Russian meeting to enhance prospects for future teamwork
H.E. Al Mansoori joined H.E. Zayed Bin Rashid Alzayani, Minister of Industry, Commerce and Tourism of the Kingdom of Bahrain; H.E. Abdullatif bin Rashid Al Zayani, Assistant General of the Gulf Cooperation Council; and H.E. Abdul Karim Taqi Abdul Karim, General Manager of the general public Authority for Industry in Kuwait during a conference with Russian representatives on the sidelines of their engagement in Innoprom. The event included senior authorities of the Russian Ministry of Industry and Trade headed by Undersecretary Sergey Tsip and reps of the economic sectors of the Russian Federation.
The joint Gulf-Russian meeting took on areas of economic and trade collaboration and means of buying the potential of both sides in establishing mutually useful commercial and development tasks that could additionally boost existing financial partnerships.
The two sides talked about financial investment possibilities readily available in a number of vital markets, most especially the aluminum trade where GCC nations have actually made great progress at the regional and worldwide degrees. The conference additionally took into consideration the Russian proposition on the establishment of an international company for managing the global light weight aluminum industry, with the Kingdom of Bahrain sharing its desire to hold the headquarters of the suggested organization.
The Russian side stressed its passion in enhancing commercial exports to the region and more broadening and expanding trade, pointing out that Russia remains in the process of developing a free industrial zone in Egypt. The Ministers of the GCC revealed their admiration for Russia's initiatives to support the advancement strategies of Egypt along with their region.
Throughout the meeting, H.E. Al Mansoori highlighted the value of developing various aspects of Gulf-Russian teamwork in order to equally take advantage of the results and advancement the region's advancement objectives.
H.E. also expressed the UAE's support for the suggested facility of an organization for controling the global aluminum industry with the Kingdom of Bahrain as its suggested base. He mentioned the significance of encouraging teamwork in the aluminum and petrochemical sectors as the Gulf and Russia enjoy numerous appealing chances in these areas.
The Minister further specified that the UAE agrees to organize a forum in Dubai between their Ministers of Trade and Industry and economic sectors to review different economic issues in between the GCC and Russia. The offer was welcomed by the Russian side which advised more control in between the Russian Government and the Secretariat General of the Gulf Teamwork Council and Chambers of Commerce on the matter.
He additionally kept in mind that the UAE was among the very first countries to sustain Egypt, stressing the need of working in the direction of ensuring the success of all advancement initiatives in Egypt, which he stated will certainly have a positive effect on the region.
The Russian side warmly welcomed the Gulf delegation and thanked them for approving the invite to join Innoprom. They commended the development accomplished in strengthening Gulf-Russian connections throughout the previous couple of years.
The Russians added that the tactical dialogue in between the Russian Federation and the GCC has actually been extremely successful and has actually had a clear effect on enhancing their relationships and creating economic teamwork. They shared that their bilateral trade exceeded USD 2.5 billion and shared their nation's need to increase economic collaboration with GCC countries.
They further revealed their country's recognition for the GCC's assistance for the Russian proposition to establish an international organization for controling the global aluminum industry, explaining Russia's rate of interest in improving its industrial exports and increasing its trade with the region.