Volga Baikal AGRO NEWS Update on the Bilateral Cooperation between Russia & UAE !!!

According to the results of 2021, the trade between Russia and the Emirates has reached its historic high of $5.4 billion

Volga Baikal AGRO NEWS Update on the Bilateral Cooperation between Russia & UAE !!!

According to the results of 2021, the UAE took the first place among Middle Eastern countries in terms of trade turnover with Russia, for the first time overtaking the historical leader in this area – Egypt. Trade with the Emirates has reached a historic high of $5.4 billion, the Ministry of Industry and Trade of the Russian Federation reported in mid-May.

In general, trade turnover with the Persian Gulf countries increased by 40% and amounted to $8.6 billion.

The Emirates’ interest in Russia has increased 5-10 times since 2020. The spheres are very different: food, agricultural products, including halal. In 2020, thanks to the active position of the Russian Ministry of Agriculture, there was a breakthrough of our products. Deputy Minister of Economy of the UAE Abdullah Al Saleh highlighted that the potential for bilateral development is really huge.

Investments from the UAE to Russia in 2021 amounted to $ 1 billion, and Russian investments in the UAE – $750 million.

On March 17, UAE Foreign Minister Abdullah bin Zayed Al Nahyan met with Russian Foreign Minister Sergei Lavrov and assured that the Emirates want to diversify cooperation with Russia, especially in the “areas of energy and food security.”

Source: Izvestiya IZ

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