(MENAFN- Qatar News Agency) The UAE has stressed the importance of enhancing economic ties with Russia to maintain its role as one of the major countries investing in Russia. The mutual trade between the two countries stands at about US$22 billion.
Juma Mohammed Al Kait, Assistant Undersecretary for Foreign Trade Affairs at the Ministry of Economy, said in a key note speech at the inauguration of Arabia Expo 2013, and the Joint Meeting of the Russian- Arab Business Council, which kicked off in Saint Petersburg, that the UAE highly appreciates its relations with Russia and is aware of huge economic contribution of both sides.
He noted that the UAE was ranked the second Arab country in attracting foreign direct investment at value of $7.7 billion in 2011
. Al Kait said the volume of trade exchange between Russian and Arab sides stood at about $10.6 billion last year, of which the UAE alone possessed 17%.
He added that 10 years, the Russian- Arab Business Council "is another evidence for Arab region harmony with the Russian vision for future". Al Kait opened the UAE pavilion at Arabia Expo 2013.
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