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15 April 2024

For the first time, the UAE is on the list of Russia's top 20 foreign economic partners

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By Emirates247

For the first time, the UAE is on the list of Russia's top 20 foreign economic partners, according to Mikhail Bogdanov, Russia's Deputy Foreign Minister. Bogdanov told the Russian news agency Sputnik that the high level of trade between the two countries in 2022 has made the UAE a leader among Arab countries in this regard and has allowed the UAE to enter the top 20 foreign economic partners of Russia for the first time.

Bogdanov added that Russian companies see the UAE as a suitable center for production and logistics services to organize exports and imports of components, equipment, and materials required by Russia. He specifically mentioned that the creation of a Russian industrial group in the Kizad Free Economic Zone near Abu Dhabi is promising.

Earlier, Russia's Deputy Prime Minister and Minister of Industry and Trade, Denis Manturov, stated that the volume of trade between Russia and the UAE had reached a record high. Manturov said in a meeting with journalists that the volume of trade between Russia and the UAE in 2022 reached a record level, with a growth rate of 68%, or the equivalent of $9 billion.

Manturov explained that Russian exports to the UAE increased by 71% to $8.5 billion, while imports increased by 6% to $500 million.