The Russian Federation Chamber of Commerce and Industry hosted a Conference on the “Possibilities of exporting Russian goods to the U.A.E. and the Gulf countries." The event was highlighted by a presentation of the free economic zone of the Emirate of Ras - al - Khaimah.
The main purpose of the Conference was to inform Russian companies about opportunities in exporting to the U.A.E. and the Gulf countries, as well as to develop practical guidelines for conducting work in this market.
The Vice President of the Moscow Chamber of Commerce and Industry, Mr. Suren Vardanyan, moderated the Conference. Opening the meeting, he noted the interest of both parties not only in the development of tourism and commercial cooperation, but also in investment and industrial collaboration. He expressed the hope that cooperation between the two countries will continue to grow and, as promising a market as the U.A.E. is, will become an opportunity for Russian exporters to enter new markets in the Middle East.
The Director of the Department of External Relations and Enterprise Management of the business advisory councils of the CCI of the Russian Federation, Mr. Alexander Kopkov, stressed that activities involving Russian business and that of the United Arab Emirates have become common at the Russian Chamber of Commerce and Industry, particularly given the great interest of Russian entrepreneurs in the UAE market. According to statistics, there are about four thousand Russian companies operating in the Emirates, about forty Russian missions. It suggests the existence of a ready infrastructure and solid basis for further expansion of trade, economic and investment links between Russia and the Emirates. Especially given the encouraging circumstances for the development of bilateral trade. According to Mr. Kopkov, the results of the first half of the current year show that the volume of trade between Russia and the U.A.E. totaled 711 million dollars U.S., up 25 per cent over the same period in the year 2015.
The current economic situation is ripe with new opportunities for Russian exports to the U.A.E. and the Gulf States. Nowadays, a number of Russian exporters are already operating successfully in the U.A.E. and other countries of the region. Advantages of doing business with the U.A.E. are the access to the markets of the countries of the Middle East region, convenient transportation and logistics infrastructure, preferential tax treatment in the free economic zones of commercial, manufacturing and production activities, etc.
The CFO, Mr. Izatt Barakat, and the Vice President of Investment Administration of the Ras al Khaimah Emirate, Mr. Bim Abdul Kader, gave a presentation of the free economic zone of the Emirate.
Ras al Khaimah is a free economic zone (FEZ), located in the northern part of the U.A.E., which has advantageous location and other benefits, Russian businesses included. The Emirate is famous for its attractive living conditions and business environment.
Ras - al - Khaimah is one of the fastest growing free zones of the U.A.E. and most promising in the region in terms of economy. For the two consecutive years, this area received the honorary title of "The best of the new free economic zones” and during this time has turned into a business hub with a vibrant, world-class infrastructure and best opportunities for industrial growth and development. All these changes occurred in less than 10 years from the date of its founding.
The free zone offers personalized support for its investors. Currently, this zone encompasses more than 4500 (forty-five thousand)companies owned by residents from 106 (hundred and six) countries of the Middle East, Europe, North America, Asia and others.
The administration of the free trade zone has established a system of four unique parks, which will satisfy any investor’s required needs. There is a Business park, Industrial park, Technology park and the Park of Al Ghail, with available offices, warehouses and various onshore facilities. Located in different areas of the Ras al-Khaimah Emirate, each of these parks serves the interests of individual businessmen and investors.
During the course of the meeting, the sides also discussed the possibilities of export promotion of Russian products in the U.A.E. and the Gulf countries, legal aspects of doing business in the U.A.E., tax and customs advantages.
A B2B meeting concluded the event.
Source: Chamber of Commerce and Industry of the Russian Federation