Russian Minister of Trade Visited UAE Leaders to Discuss Mutual Collaboration

Denis Manturov, Minister of Industry and Trade visited United Arab Emirates (UAE) on the 27th–28th of November 2015 to discuss collaboration between two countries.  Manturov attended several meetings with the UAE state leaders to cover Inter-governmental Russian-Emirates commission on Trade, Economic and Technical cooperation and signed a number of documents that are fundamental for the development of bilateral cooperation.

“Cooperation between Russia and UAE continues the positive trend.  We have significant potential for further development of bilateral trade and economic relations.  Our common goal is to streamline mutual supplies, diversify the overall structure of trade and partnership in the investment domain. At the same time we are interested in the development of relations with third countries where we are ready to work together with our Emirati partners on mutually beneficial projects”, said Denis Manturov.

As the part of the official visit, the Head of Industry and Trade Ministry met with His Highness Sheik Mohammed bin Zayed al Nahyan, the Royal Prince of Abu-Dhabi and deputy Commander-in-Chief of UAE  Armed Forces. Few of   discussed topics during this meeting were financial and interbank relations between Russia and UAE that require further development and instigation.

According to Denis Manturov, Russian-UAE interbank relations have positive and successful future especially in areas that are not conditioned with sector sanctions.  Perspective interbank collaboration is to cover trade financing, correspondent relations and client payments.  His Highness confirmed the importance of highlighted problem and offered to facilitate more active and open cooperation among financial institutions of the UAE. 

In the course of the meeting representatives of government institutions and business societies of both countries discussed the prospects of further extension of bilateral cooperation and signed bilateral Memorandums of understanding (MoUs) on development of cooperation in the sphere of sport and intellectual property.

Addressing to the participants of the meeting, Russian Minister positively assessed the results of cooperation between the Russian Direct Investment Fund (RDIF) and largest UAE investment funds, and acknowledged the interest of the Russian companies in entering the UAE market.

Russia is particularly interested in increasing the mutual supply of animal products. Thereby two UAE fish and sea food enterprises and also one finished meat product company were included in the Russia’s Registry of Third Country Enterprises. Highlighting the interest of Russian producers in export of poultry, beef and finished meat products to the UAE territory Denis Manturov expressed his hope in close cooperation between the competent authorities of both countries in the area of animal health protection and provision of animal production safety.

The Head of Industry and Trade Ministry focused on the tourism sector in the UAE in particular.  Over 600 thousands of Russian tourists visited UAE in 2014 contributing to local economy up to 1.35 bln.US dollars while in 2015 this figure may significantly increase.

“We are interested in boosting the traffic of UAE tourists to Russia in the nearest future.  Thereby the Russian National Tourist Office had been established in the UAE in June 2015. I am convinced that the number of UAE visitors to Russia will be growing year by year”, – stated Denis Manturov.

The Minister also stressed the importance of the cultural aspect of bilateral relations. The initiative of opening St-Petersburg State Russian Museum and St-Petersburg State Cinema and Television Institute branch in UAE is currently being discussed by both parties. 

Mutual collaboration in Exhibition field is also expected to improve. Russian companies are intended in attending the World’s largest food and hotel exhibition – GULFOOD that will take place on 21st – 26th of February, 2016 in Dubai.  . This will promote the signing of mutually beneficial agreements, expansion of trade, cooperative links and will also provide opportunity to showcase the wide range of Russian products to the exhibition visitors.

In his turn Denis Manturnov invited UAE colleges to take part in the events marking 20th anniversary of St-Petersburg International Economic Forum, which is scheduled for June 16th –18th, 2016 and to visit Innoprom - International Industrial Exhibition which is to take place in Yekaterinburg on July 11th -14th next year.