The UAE has become a partner country for INNOPROM 2024 International Industrial Trade Fair, being held in Russia’s Ekaterinburg from July 8 to 11. Emirati Minister of industry and advanced technology Dr Sultan al Jaber is heading the UAE delegation.
“The UAE’s participation as a partner country … not only confirms the special nature of Russia-Emirati relations, but also gives additional impetus to developing co-operative ties in the most promising economic sectors,” said Denis Manturov.
The deputy prime minister and minister of industry and trade of Russia also highlighted: “In recent years, Russia-Emirati relations have reached an unprecedented high level … By the end of 2023, bilateral trade turnover exceeded the $10 billion mark.”
UAE and Russia sign vital agreements at INNOPROM 2024
INNOPROM provides a global platform for developing economic relations among key industries and enterprises in different countries. The trade fair is visited annually by more than 46,000 specialists and representatives of industrial enterprises and dealer companies.
The UAE had a strong presence at the ongoing four-day event. The Gulf state and Russia signed several vital agreements and preliminary pacts on industrial investments on Tuesday. The UAE’s participation is focused on strengthening bilateral relations in different vital sectors.
During the event, the UAE demonstrated more than 2,000 locally manufactured products as part of its Make it in the Emirates initiative – in an effort to support the growth and sustainability of local businesses, reported The National.
The industrial sector added about Dh197 billion to the UAE’s Gross Domestic Product in 2023. The UAE’s industrial exports increased by 17%, recording a 7% growth in productivity since the launch of the programme and the reaching Dh187 billion last year.
UAE expanding its investment partners through Cepa
The UAE-Russia bilateral trade reached $11.4 billion last year. The Gulf state is the leading investor and trade partner of Russia among Middle Eastern countries, said Russian President Putin in December during talks with his UAE counterpart Sheikh Mohamed.
The UAE and Russia are partners in global bodies like the expanded alliance of oil-producing countries (Opec+) and the Shanghai Cooperation Organisation. The UAE became an official member of the Brics in January. Russia is a founding member of the grouping.
The Emirates continues to expand its investment partners across the globe through the Comprehensive Economic Partnership Agreements, facilitating faster access for industrial companies and exporters to some of the largest markets globally.
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