UAE takes part in V International Economic summit of Russia and OIC countries

The UAE delegation led by Abdullah Al Saleh, Under Secretary of the Ministry of Economy for Foreign Sector, has met Rustam Minnikhanov, President of the Republic of Tatarstan, at the sidelines of V International Economic summit of Russia and OIC countries, held in Kazan. Minnikhanov welcomed the UAE's active participation in the meetings, stressing the depth of friendship ties between the two peoples. He noted that the UAE is an important economic partner to his country, citing the opening of the trade representative office in Dubai. The meeting was attended by representatives from the UAE Ministry of Economy, Dubai Exports Development Corporation, Foreign Investment Office, RAK Department of Economic Development, Gulf Pharmaceuticals Industries (Julphar), Emirati businesspersons and members of the UAE-Russian Business Council and representatives from Tarastan, Russian officials and representatives from the Russian Federation Council. Al Saleh thanked President Minnikhanov for his continuous support to the economic and cultural relations between Russian and Muslim countries. He added that the countries in the region and Russia are strategic partners, referring to special relations between the UAE and Russia. He cited that the contribution of the UAE to the trade exchange with Russia in 2010 and 2011, touched 30.4 per cent , while the Russian contribution was 69.6 per cent. The UAE's imports were 21 per cent, while exports were 4 per cent. Al Saleh said the UAE, in accordance with the statistical report, released by the UAE-Russian Business Council in 2010, was ranked 10th in the list of major foreign investors in Russia with projects at value of Dh66 billion. The volume of mutual investments stand at Dh81 billion. The UAE hosts 450 Russian companies in different sectors, notably, in areas of hotels, tourism and other sectors. Addressing the summit, Al Saleh said the UAE foreign investments have developmental dimensions to host countries, as they provide job opportunities and conserve environment, as well as ensuring corporate responsibility. – Emirates News Agency, WAM