UAE - Russia Economic Forum calls for strengthened bilateral economic cooperation

The event, hailed as a milestone for UAE-Russia relations, was attended by President H.H. Shiekh Khalifa Bin Zayed Al Nahyan and Russian President Vladimir Putin, and represents the first meeting of its kind by a Russian president since relations between the two countries were established in 1986.

The Forum was jointly organised by the Federation of UAE Chambers of Commerce and Industry, in association with the Abu Dhabi Chamber of Commerce and Industry and the Arab-Russian Business Council, and was attended by an audience comprising high profile UAE and Russian dignitaries, businessmen and investors.

"Today we are witnessing the start of a new phase of economic cooperation," commented H.E. Mohammed bin Abdulaziz Alshihhi, the Undersecretary - Planning Sector, UAE Ministry of Economy, who addressed the audience on behalf of H.E. Sheikha Lubna Al Qasimi, Minister of Economy.

"The UAE and Russia have many things in common, and we aim to establish joint committees that will enhance the economic ties between our two countries. This Forum reflects our strong relationship, and we are fully confident that we will see the fruitful results of our collaboration in the near future."

The call for joint committees builds on the results of the Convention of the Joint Committee, which was jointly established by the UAE and Russia in 1990 to study the prospects of joint cooperation in the areas of trade, investment, information, culture, health, agriculture, environment, electricity, water and oil. The findings of these committees highlighted important recommendations of great benefit to the two nations, and promoted the establishment of joint ventures, particularly in the areas of oil and gas.

"Both of our countries have capabilities in these areas and we hope to implement those recommendations to revive the work of these committees to witness a quantum leap of relations at all levels. We are hoping to develop more joint committees to study the prospects of further cooperation in the near future," H.E. Alshihhi added.

Figures from the UAE Ministry of Economy highlight that the trade exchange between the UAE and Russia has increased by 66 per cent between 2002 and 2006. Total trade between the two countries reached USD 864 million (AED 3.172 billion) in 2006, up from USD 519 million (AED 1.905 billion) in 2002.

"We hope that these rates will increase significantly in the next few years, through introducing products and services from both countries in specialised exhibitions, and also through quality and broad participation in the international exhibitions calendar. We welcome Russian investors and Russian businessmen and women to the UAE, and we aspire to a greater presence of joint ventures between the two countries," H.E. Alshihhi added.

The first session of the Forum today discussed cooperation in the fields of industry, trade construction, advanced technology, communications, energy, minerals, waste water treatment and environmental protection. The second session examined cooperation in the fields of banking, insurance, tourism, transportation, and conferences and exhibitions.