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Ministry of economic development of the Russian Federation

Russia, UAE discussing expansion of cooperation in aviation industry, says minister


Russia and the United Arab Emirates are discussing the expansion of cooperation in the aviation industry, Russian Industry and Trade Minister Denis Manturov, who co-chairs the Russia-UAE intergovernmental commission, said following its tenth meeting, adding that mutual trade turnover between the two countries has increased ten-fold since the first meeting of the commission in 1997, and Moscow expects it to grow this year from $3.3 bln to $4.5-5 bln.

"Speaking about areas, there are plenty of them, we cooperate in the aviation industry. Today we spoke about the possibility of expanding cooperation in this sector, which will facilitate high-tech development," Manturov noted.

"Today marks the jubilee meeting of the intergovernmental commission, with trade turnover between our countries soaring ten-fold during this period. We have also seen the parameters of our trade turnover rising this year as it has already gained over 80% compared to last year," he said. "Despite COVID-related restrictions last year, it hit a record of almost $3.3 bln," the minister added.

"Considering the 2021 dynamics, no doubt we will hit a fresh all-time high of bilateral trade, reaching $4.5 bln, and maybe even $5 bln. This breakthrough is mainly based on Russian exports that reached almost $3 bln in eight months of this year only," Manturov said, adding that Russia supplies petroleum products, diamonds, gold, engineering products, articles made from ferrous metals, and food to the UAE.

"We expect the areas that are traditionally on the agenda now, with the business council working actively, ensuring an additional inflow of possibilities and investments from the Emirates to Russia and in various areas and fields, to contribute to an increase in our trade turnover in the future," he concluded.

Source: TASS

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