Saudi industry minister continues investment drive tour with Germany visit

Russian-UAE economic cooperation lauded at St.Petersburg International Economic Forum

scheduled tribe. PETERSBURG: Russian companies are keen to develop further ties with the UAE, the country̵7;s deputy prime minister has asserted in a speech hailing the economic ties between the two countries.

Speaking at the St. Petersburg International Economic Forum, Denis Manturov – Russia’s Minister of Industry and Trade – noted the special nature of Russian-Emirati ties, which include strong ties of friendship and a rich history of cooperation based on the principles of mutual respect . Belief.

His remarks came after Sheikh Saud Al-Qasimi, Ruler of the Emirate of Ras Al-Khaimah, attended the opening of the UAE’s pavilion on stage, marking the country’s role as guest of honor.

Trade turnover between the two countries has doubled over the past year and is now $10 billion, and Manturov said: “We are constantly expanding the areas in which we build joint work.

“We are implementing a number of industrial cooperation projects, initiatives in the fields of transport and services, energy and food security.

“We have launched an active negotiation process on a free trade agreement between the UAE and the Eurasian Economic Union states.

“It will give an added impetus to the comprehensive development of our multilateral trade and economic relations.”

The pavilion’s motto – “The impossible is possible” – is seen to be fully in line with the spirit of Russian-Emirati relations (AN).

Following the pavilion’s opening ceremony, Manturov and UAE Minister of Economy Abdullah bin Touq Al-Marie attended the Russia-UAE Business Dialogue, during which priority areas for the development of further cooperation were considered.

“I would like to note that our companies on both sides are interested in continuing work on various areas of cooperation,” Manturov said.

He added: “We also look forward to continued investment cooperation with the UAE. In recent years, Emirati companies have invested in various sectors of the Russian economy, and these investments have paid off – this can be seen in foreign trade turnover figures is reflected in

“I would like to emphasize that industrial cooperation is the basis for increasing investment and trade turnover.

“Today, opportunities for cooperation abound, with projects in the aviation and automotive industries, metallurgy, mechanical engineering and pharmaceuticals being successfully implemented and worked on with our UAE partners.”

In a speech, UAE Minister of Economy Abdullah bin Touq Al-Marri marked his country’s strong participation in the forum, which includes 18 companies from various sectors of the economy.

Speaking about the trade turnover between Abu Dhabi and Moscow, Al-Marie said that its growth has doubled in the past year.

The minister said: “On the aspect of engagement, we have really made a strong and significant approach in areas that we are looking forward to engaging with, especially on aspects of science, AI (artificial intelligence), green energy and technology. Are.

“The UAE and Russia have a very strategic partnership and we have been engaged in this partnership in a very strong way and our business has grown since then.”

The UAE’s participation as a guest country at the St Petersburg International Economic Forum is an important step towards strengthening trade, economic and investment cooperation between the two countries.

The pavilion’s motto – “The impossible is possible” – is seen to be fully in line with the spirit of Russian-Emirati relations.