UAE delegation to KazanSummit showcases UAEs investment strengths
An official delegation from the UAE has successfully gotten involved at the Kazan International Economic Summit (KazanSummit) held in between the Russian Federation and member nations of the Organization of Islamic Cooperation (OIC) which concluded its 8th edition on Saturday, May 21, 2016, in the capital of Tatarstan. The delegation was headed by H.E. Abdullah Bin Ahmed Al Saleh, Undersecretary of the Ministry of Economy for Foreign Trade and Industry, who was accompanied by Dr. Adeeb Al Afifi, Acting Director for International Business Administration at the Department of Economic Development - Abu Dhabi; Mohamed Juma Musharrekh, Deputy Director for Investment Promotion at the Sharjah Investment and Development Authority ('Shurooq'); and Sheikha Khalifa Al Shamsi, Economic Coordinator at the Ministry of Foreign Affairs and International Cooperation. Other representatives from the UAE Embassy in Moscow and federal & local authorities were present.
H.E. Al Saleh delivered a speech during his participation in a plenary session entitled 'New Global Economic Architecture: Prospects for the OIC Financial Industry in the Russian Federation' which was opened by Rustam Minnikhanov, President of the Republic of Tatarstan. Other vital speakers for the session were Dr. Yousef Al-Othaimeen, Chief Adviser to the Secretary General of the OIC, and Eugene Bushmin, Deputy Chairman of the Council of the Russian Federal Assembly Federation. Present were a number of finance and banking specialists.
In his speech, H.E. Al Saleh highlighted the importance of the economic ties in between the UAE and Russia, keeping in mind that the two countries have signed a variety of contracts to protect and motivate mutual financial investment, prevent double tax, promote the tranquil usage of atomic energy, and foster close cooperation in industry, farming, tourism, transport, technology, and space. He explained that their bilateral trade volume for 2015 exceeded USD 2.5 billion, with the balance of UAE financial investments in the Russian Federation at USD 18 billion and Russia's investments in the UAE up until the end of 2014 reaching around USD 755 million. He included that the number of direct flights in between the two countries overall 90 weekly air travels from Abu Dhabi, Dubai and Sharjah covering 15 locations in Russia.
The Undersecretary shared the Ministry of Economy's efforts to further enhance the foundations of the UAE's economic diversification and openness. He said that the Ministry supports the arrangement of an appealing investment environment devoid of taxes through the development of helpful legislation and the facilitation of business in regards to relieving procedures, improving openness, and encouraging innovation-- all of which fall in line with UAE Vision 2021. He included that the top offered an opportunity to focus more on more enhancing cooperation with getting involved states, motivating more partnerships with small and medium-sized business in addition to the food security, farming, and 'Halal' food sectors, and exchanging experiences in the fields of innovation, market, renewable energy, water, environment, and transport.
The head of the UAE delegation stressed the need to encourage more cooperation and investment in the field of Islamic economy which has received global financial investments worth around USD 8 trillion. He likewise welcomed individuals to take advantage of the Islamic banking system, particularly after its success in attending to the effects of the international financial crisis of 2008. He commended the UAE's leading experiences in this area, mentioning that the UAE ranked first among Arab countries and 2nd worldwide in the Global Islamic Economy Indicator falling under the State of the Global Islamic Economy Report which covers 73 states.
He further mentioned that the 'Dubai The Capital of Islamic Economy' initiative, the establishment of the Dubai Islamic Economy Development Centre, and prepares to develop the very first Sharia-compliant Export and Import bank in Dubai, are all important actions for improving the UAE's leadership in this area. H.E. Al Saleh likewise commended the unique interest shown by Russia in Islamic finance and banking as a chance for moving on and even more improving this promising sector with innovative items and options.
Throughout the summit, the UAE delegation took part in a panel discussion titled 'Exports - New Markets' where they presented the essential role played by the UAE in the assistance of global trade through its strategic geographical area, sophisticated facilities, and ongoing preparations for hosting Expo 2020 in Dubai which is further improving the country's financial investment appeal. The group likewise noted that the UAE ranked 17th worldwide in the Global Competitiveness Index under the 2015-2016 Davos Forum Report.
