UAE-Russia explores bilateral ties in trade & tourism

By Arya M Nair, Official Reporter
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The third session of the UAE-Russian Business Forum has been conducted at the Russian Chamber of Commerce and Industry headquarters in Moscow, as part of an Emirati delegation led by the Sharjah Chamber of Commerce and Industry’s visit to Moscow and Saint Petersburg.

The visit intends to strengthen economic and trade cooperation as well as mutual investment between the Emirate of Sharjah and the Russian Federation, as part of the UAE’s developing connections with Russia in a variety of sectors.

According to Dr. Ahmad Belhoul Al Falasi, UAE Minister of State for Entrepreneurship and SMEs, the meeting reflects the close interaction between the business communities in both countries and their desire to strengthen economic ties, pointing out that the UAE is one of the most popular tourist destinations for Russians due to the state’s various facilities and benefits.

UAE’s vaccination strategy and precautionary measures during the COVID-19 outbreak have opened ways to attract tourists from around the world thus accelerating tourism and the economy. 

The UAE-Russia Business Council plays an active role in developing economic and investment trade relations, strengthening ties between participants, and opening new investment channels. This will help to promote diversification of income sources, attract value-added investments to the economy, and increase the volume of non-oil exports.

According to reports, the volume of trade between the UAE and Russia has increased dramatically in recent years, with Russia ranking first among the UAE’s trading partners in Eastern Europe and Central Asia, while the UAE remained Russia’s top commercial partner in the Arabian Gulf. In 2021, the UAE’s exports were estimated to be worth $7.6 million, with a total trade exchange of $15 billion between the two nations from 2015 to 2020.

With the upcoming Expo 2020 in October, the two countries’ relation is expected to grow in investments, trade, tourism, innovation and advanced technology sectors.

Related: UAE & India explore trade possibilities in agro, food processing sectors