(Moscow) – Speaking at the end of the third meeting of the UAE-Russia joint ministerial committee, UAE Foreign Minister H.H. Sheikh Abdullah bin Zayed Al Nahyan said that UAE and Russia needed to explore new investment opportunities to further expand their economic, trade and investment relations. He added that trade exchange between the two trade partners were rising, reaching US$ 1.2 billion in 2011.
He said that Russia has 450 companies operating in the UAE including joint ventures. Sheikh Abdullah called on Moscow to endorse the agreement for avoidance of double taxation as the move will deliver positive impact on mutual investment. He also urged Russia to allow UAE national air carriers to operate flights to more destinations.
For his part, Minister of Industry and Trade of the Russian Federation Denis Manturov said the meeting had examined means of boosting bilateral relations and cooperation in various fields including nuclear power for peaceful use, renewable energy, and air transport. He praised the UAE as an important partner to Russia in the Middle East region.
