Al Mazrouei: UAE presents integrated economic solutions to inspire future strategic planning of CIS economies
The UAE's experiences in preparing for a future beyond oil offer finding out opportunities for the Commonwealth of Independent States in conquering obstacles developed by the oil market volatility, specified His Excellency Eng. Suhail Mohamed Faraj Al Mazrouei, UAE's Minister of Energy, in an opening address during the first edition of the Commonwealth of Independent States Global Business Forum (CIS GBF 2016) in Dubai, arranged by Dubai Chamber from February 17-18, 2016.
"The CIS countries require long-term techniques to conquer the challenges in the hydrocarbon sector. The UAE has shown that it is possible to prepare for challenges well ahead as we have actually shown by developing an independent strategy far from oil," HE Al Mazrouei stated.
HE Al Mazrouei called for easing of regulatory norms and more efforts to develop treaties in locations such as taxation and protection of investor interests. He said diversity of CIS economies must consist of diversification of energy resources as revealed by the UAE which has actually substantially lowered its dependency on the oil sector, HE Al Mazrouei added.
Previously, inviting the participants, HE Majid Saif Al Ghurair, Chairman Dubai Chamber of Commerce and Industry said Dubai Chamber has actually hosted the CIS Global Business Forum in Dubai as it represents an ideal platform to open brand-new horizons for cooperation between the UAE and Gulf based companies and the most promising markets of Central Asian countries.
HE Al Ghurair said the Forum is especially considerable in view of the strong trade ties in between the UAE and the CIS area over the years. Dubai's non-oil trade with the CIS grew from AED 15.5 billion in 2011 to AED 20.8 billion in 2014 whereas in the very first half of 2015, bilateral non-oil trade in between Dubai and the CIS region had already reached AED 7.8 billion, HE Al Ghurair stated.
A panel discussion on the topic 'Changing Synergies-- The Reorientation of CIS Business' on the first day of CIS GBF 2016 highlighted the strategic significance of the CIS area to investors from GCC countries.
Jean-Marc Peterschmitt, Managing Director for Countries of Operations and Chief Operating Officer for Banking, EBRD, UK, stated the CIS region with over 280 million people and a $2 trillion economy has produced a number of jobs with excellent returns. There is considerable capacity in sectors such as agro-business, facilities and logistics which need to be used up by the private sector. Trade and financial investment in the region needs to be more worldwide, he added.
Peterschmitt stated Gulf countries have increased their investments in the area. The challenge for the CIS nations is to open up their economies to sector aside from oil, bring in financial investments and innovation from other regions, consisting of the Gulf, he said.
Rusian Alikhanov, President of Argo Investment Company, Russia, stated GCC countries brings politically unengaged capital to the CIS area. The immediate demand is to start developing business relations and GCC nations have a big function to play thinking about that they remain in a position to understand the real circumstance in the region, he said.
Under the patronage of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, the Forum has actually been arranged on the theme, 'Ancient Routes - New Opportunities', and checks out opportunities on old trading connect to neighbouring areas and beyond as well as new Economic Union Eurasian alliances.
