(MENAFN- Emirates News Agency (WAM)) Russia is trying to increase its cooperation with the UAE, especially in Islamic finance, as the country is seeking to strengthen its trade ties with the UAE and other Gulf countries, according to the Chairman of the Russian Business Council.
"We have brought in new regulations to attract Islamic financial institutions from the Middle East and Asia as demand for financing grows in Russia," Igor Egorov told the UAE daily, Gulf News.
Though the country has been hit by falling oil revenues, Russia has huge monetary reserves to support banks and financial institutions, he said, adding, "We are hopeful of improving our economy through these funds and return to normality."
He added that the trade figures between the two countries stand at $2 billion and are set to grow in the coming days.
Russia exports diamond, gold, steel, defence equipment and machines to the UAE while it imports some machines and food products.
Egorov said the Eurasian Economic Union, which came into existence earlier this year is a huge market of 190 million people with common custom laws to facilitate investment and silk trade route being developed from Eastern China to Europe via central Asia provides opportunity for UAE companies to invest.
"There is a scope in the field of distribution and logistics along the route. Already DP World is involved in Kazakhstan. This zone provides great investment opportunities for UAE companies," he said.
Eurasian Economic Union is a trading bloc consisting of Russia, Kazakhstan, Belarus and Armenia. The union introduces free movement of goods, capital, services and people and provides for common transport, agriculture and energy policies, with provisions for a single currency and greater integration in the future.
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