Gulf-Russian meeting to enhance prospects for future cooperation

YEKATERINBURG / WAM

UAE Minister of Economy, Sultan bin Saeed Al Mansouri, joined Zayed Bin Rashid Alzayani, Minister of Industry, Commerce and Tourism of the Kingdom of Bahrain, Abdullatif bin Rashid Al Zayani, Secretary-General of the Gulf Cooperation Council, and Abdul Karim Taqi Abdul Karim, General Manager of Public Authority for Industry in Kuwait during a meeting with Russian representatives on the sidelines of their participation in Innoprom.
The gathering included senior officials of the Russian Ministry of Industry and Trade headed by Undersecretary Sergey Tsip and
representatives of the economic sectors of the Russian Federation. The joint Gulf-Russian meeting tackled areas of economic and trade cooperation and means of investing in the potential of the two sides in establishing mutually beneficial industrial and development projects that can further enhance existing economic partnerships.
The two sides discussed investment opportunities available in several vital industries, most notably the aluminium trade where GCC countries have made great progress at the regional and international levels. The meeting also considered the Russian proposal on the establishment of an international organization for regulating the global aluminium industry, with the Kingdom of Bahrain expressing its willingness to host the headquarters of the proposed organisation.
The Russian side emphasised its interest in boosting industrial exports to the region and further expanding and diversifying trade, pointing out that Russia is in the process of establishing a free industrial zone in Egypt. The Ministers of the GCC expressed their appreciation for Russia’s efforts to support the development plans of Egypt as well as their region.
Al Mansouri underlined the importance of developing various aspects of Gulf-Russian cooperation in order to mutually benefit from outcomes and advance region’s development objectives.
He also expressed the UAE’s support for the proposed establishment of an organisation for regulating the global aluminium industry with the Kingdom of Bahrain as its recommended base. He underscored the importance of encouraging cooperation in the aluminium and petrochemical industries as the Gulf and Russia enjoy many promising opportunities in these fields.
The minister further said that the UAE is willing to organise a forum in Dubai between their ministers of trade and industry and private sectors to discuss various economic concerns between the GCC and Russia. The Russian side warmly welcomed the Gulf delegation and thanked them for accepting the invitation to participate in Innoprom.