DUBAI: The Dubai Chamber organised the trip to explore trade and investment opportunities in St. Petersburg and the delegation discussed Dubai-Russia trade ties with key stakeholders from the city’s public and private sectors. The trade mission aimed to familiarise Chamber members with commercial opportunities in Russia’s second largest city and showcase the benefits of trading with Dubai. Dubai makes an ideal trading partner, according to a Chamber spokesperson, due to its strategic position that provides easy access to growth markets in Africa and Asia.
Mr. Omar Khan, Director of International Offices at Dubai Chamber said, “Dubai remains an attractive market for Russian businesses, investors and tourists. Yet, there is still huge potential to expand our ties in key industries, including hospitality, tourism, agriculture, and pharmaceuticals, especially given the country’s aims to diversify its exports.” During the three-day visit, the delegation met with the St. Petersburg Chamber of Commerce, the Economic Development Agency of the Leningrad region, a number of multinational companies, as well as other leading local and international chambers of commerce. During the meetings, the Chamber explored several areas of mutual cooperation and highlighted the active role it plays in helping foreign companies expand their reach to the GCC region through Dubai.
In addition, the Chamber highlighted trade and investment opportunities that are being created by the Dubai Industrial Strategy 2030, which aims to elevate the emirate into a global hub for knowledge-based, sustainable and innovation-focused businesses. The delegation was also informed about new measures and strategies being taken by the Russian government and semi-government entities to help boost trade and investment. The Chamber is looking at investment opportunities which have become more attractive following the challenging economic conditions faced by Russia, as well as the recent devaluation of its currency, added a spokesperson.
Dubai’s non-oil trade with Russia reached AED 6.7 billion ($1.8 billion) in 2015, marking a 25 per cent increase compared to 2011. In terms of total value, pearls and semi-precious stones dominated the list of products traded between the emirate and Russia last year, followed by base metals and machinery and electrical equipment. Joining the delegation were, and Mr. Sanan Nasibli, Head of the Chamber’s representative office in Azerbaijan, who highlighted Dubai’s strong trade relationship with Russia that contributes to various sectors of the emirate’s economy.
