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The United Arab Emirates plans to extend its commerce turnover with Russia to $20 billion within the subsequent 5 years, the nation’s International Commerce Minister Thani bin Ahmed Al Zeyoudi has introduced.
“We’re working with the Russian aspect to extend commerce turnover to $20 billion over the following 5 years and to proceed investing in different areas [of economic cooperation],” Al Zeyoudi informed RIA information company on Saturday throughout a plenary session of the Expo-2020 worldwide discussion board within the UAE, which had been postponed because of the Covid-19 pandemic.
Based on the official, “relations between Abu Dhabi and Moscow are strategic.” He famous that as much as 90% of all Russian investments within the Arab world are made within the UAE. The UAE additionally considerably invests in Russia, making up some 80% of all Arab investments in Russia’s financial system.
“If we’re speaking concerning the variety of Russian corporations within the UAE, it has reached nearly 4,000,” Al Zeyoudi said.
Based on the minister, the UAE is already investing in a number of Russian sectors, together with the petrochemical trade, oil and gasoline, the automotive trade and ports, and it plans to broaden this listing.
In 2020, the commerce turnover between the 2 states reached $3.3 billion, and within the first 10 months of 2021 its quantity exceeded $4 billion, reaching a brand new report, Russian Prime Minister Mikhail Mishustin stated final week. Based on the Ministry of Economics, this yr Russia primarily exported mineral merchandise, treasured stones and metals to the UAE, whereas Russian imports from the Arab nation included equipment, gear and autos.
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