Russian Trade and Economic Development Council sign MoU with Abu Dhabi Ports to strengthen commercial ties
Abu Dhabi Ports and the Russian Trade and Economic Development Council signed a Memorandum of Understanding (MoU) to strengthen trade links between the UAE and Russia and further stimulate economic cooperation between companies from both countries. The MOU will increase awareness amongst Russian companies about investing in Khalifa Industrial Zone Abu Dhabi (KIZAD) and Khalifa Port Free Trade Zone (KPFTZ).
Signing the agreement were Abdulla Al Hameli, Executive Vice President – Corporate Support at Abu Dhabi Ports and Dr. Igor Egorov, Honorary Chairman of the Russian Business Council and regional representative of the Russian Trade and Economic Development Council.
The signing ceremony took place on the side-lines of the ‘KIZAD Business Week’, a series of exclusive business and networking events organised by KIZAD, a subsidiary of Abu Dhabi Ports. KIZAD Business Week offered a valuable opportunity for Russian businesses, investors and stakeholders to come together and discuss opportunities available in UAE free zones particularly KIZAD and KPFTZ.
Al Hameli said: “The UAE’s wise leadership have long supported our efforts in contributing to a sustainable and diversified economy. UAE free zones have been identified as one of the main drivers to diversification, attracting significant amounts of foreign investment, creating thousands of jobs and facilitating technology transfer into the country.
We are confident the MoU with the Russian Trade and Economic Development Council will further help Russian companies and investors to take full advantage of what KIZAD and Khalifa Port Free Trade Zone have to offer.”
Dr. Igor Egorov stressed the role of the Council in successfully bringing Russian exporters into growing markets in Asia. He added: “Over the years, we have witnessed the UAE and Russian relationship grow. Since 2014 Russian foreign trade of non-oil products, in particular food and grains, have grown globally. The UAE plays a vital role as gateway for Russian products into the MENA markets.
With trade still around 2 Billion USD, we see potential for Russian investors to build industrial facilities and innovation centers in the UAE. We are delighted that through the signing of this MoU KIZAD can play a key role in this initiative.”
The first event kicked off with a keynote speech by Dr. Saleh Al Aroud, President of the Russian Business Council, who highlighted how the UAE offers one of the highest level of logistics services capable to compete in the global economy.
Fahad Al Ahbabi, Director at the newly launched Abu Dhabi Investment Office, provided a detailed overview of the Abu Dhabi Economic Vision 2030 and the economic policy priorities for the future. He commented: “Over the past years, the Abu Dhabi Government has made major investments in sectors such as petrochemicals, education, healthcare, infrastructure and construction to make the Emirate an attractive hub for investors. The Emirate is therefore fully dedicated to its diversification strategy and to creating the right infrastructure such as Khalifa Port to support business around the world.”