UAE And Russia Strengthen Strategic Relations By Expanding Cooperation In New Economy Sectors

The United Arab Emirates and Russia have developed a strategic partnership based on mutual understanding and shared economic goals. This was highlighted during the 12th meeting of the Intergovernmental Russia–UAE Commission on Trade, Economic and Technical Cooperation in Dubai. The meeting was co-chaired by Abdullah bin Touq Al Marri, UAE Minister of Economy and Tourism, and Anton Alikhanov, Russian Industry and Trade Minister.

Abdullah bin Touq Al Marri stated, "The current session of the committee represents a new step towards building fruitful partnerships between the business communities and private sectors of both countries. It strengthens cooperation and provides support for entrepreneurs from both sides in a way that contributes to the growth and sustainability of their economies. Our cooperation focuses on new economy sectors and priority areas that serve the mutual interests of the two countries."

The committee's agenda covered various topics, including investment, energy, industry, innovation, food security, agriculture, education, transport, logistics, tourism, sports, culture, environmental protection, healthcare, and more. Both nations are committed to enhancing economic collaboration through these diverse sectors.

Efforts are being made to explore promising opportunities within both countries' business environments. The UAE offers a supportive ecosystem with flexible economic laws allowing full foreign ownership of companies. This advanced business environment encompasses over 2,000 economic activities.

The meeting underscored the importance of developing new mechanisms for economic cooperation in priority sectors. Both parties agreed to continue joint efforts to support entrepreneurs from each country. This initiative aims to broaden the scope of economic collaboration between the UAE and Russia.

The committee plays a crucial role in fostering partnerships between business communities in both nations. By focusing on new economy sectors and priority areas, it aims to contribute significantly to economic growth and sustainability.

The discussions also emphasized supporting entrepreneurs from both sides. This support is expected to enhance growth prospects for businesses in both countries by providing them with necessary resources and opportunities.

This collaborative approach is designed to ensure long-term benefits for both nations. By working together across various fields such as tourism and culture or healthcare and environmental protection, they aim to achieve sustainable development goals.

The UAE's commitment to fostering international partnerships is evident through its participation in such initiatives. These efforts are aimed at creating a conducive environment for businesses while promoting mutual interests with global partners like Russia.

With inputs from WAM