UAE to participate in 9th Kazan International Economic Summit 18th - 20th May

WAM -- The UAE will participate in the 9th Kazan International Economic Summit between Russia and member states of the Organisation of Islamic Cooperation, to be held in the Republic of Tatarstan, from 18th to 20th May.

The UAE delegation, which will be chaired by Dr. Rashid bin Ahmed bin Fahad, Minister of State, also include Abdullah Al Saleh, Ministry of Economy Under-Secretary for Foreign Trade and Industry Affairs, as well as several officials and federal and local authority representatives.

Bin Fahad stressed the UAE’s desire to regularly participate in the Kazan Economic Summit. He also highlighted its vital role in promoting mutual dialogue and reviewing co-operation between the participating countries, as well as promoting bilateral economic ties between the UAE and Russia, and discussing future areas of co-operation.

He noted that the Islamic economy is among the UAE’s priorities, as one of the rapidly developing economic sectors around the world, and becoming an integral part of the global economy.

The UAE minister added that prioritising the Halal industry as a main topic of discussion at the 9th International Kazan Economic Summit gives it increasing importance, while highlighting the increasing growth rate of this industry and the large partnership opportunities it provides on both bilateral and regional levels.

Abdullah Al Saleh highlighted the exceptional partnership model between the UAE and Russia, especially the Republic of Tatarstan, adding that the UAE is one of the Russia’s main trade partners in the region.

He stressed that non-oil foreign trade between both countries stood at US$2.5 billion during 2015, and $1.6 billion during the first nine months of 2016, noting that these figures are expected to increase during the coming period due to their mutual desire to enlarge the scope of bilateral co-operation in different economic areas.

The Kazan Economic Summit witnessed growth in participation, with more than 1,500 participants, including government officials, international organisation representatives, investors and entrepreneurs from Russia and OIC countries who participated in 2016.

The current edition of the summit will address Islamic investments within the context of international economic relations as a main topic of its agenda, as well as other activities, such as an investment expo that provides an opportunity to view the infrastructure and capacities of economic zones in Russia. It will also discuss development projects, financial institutions and large industrial companies, and highlight the investment capacities in other Russian regions.

WAM/Majok