NOVOSIBIRSK ENTREPRENEURS GOT ACQUAINTED WITH THE ECONOMIC POTENTIAL OF THE UNITED ARAB EMIRATES

On  October 26, within the framework of cooperation between the Investment Promotion Agency of the Novosibirsk Region  and the trade missions of Russia in foreign countries with the support of  the Novosibirsk City Chamber of Commerce and Industry (NCCCI) was held a webinar “Hour with the Trade Representative” dedicated to the development of trade and economic cooperation between the Novosibirsk Region and the United Arab Emirates.

The event was attended by the Trade Representative of the Russian Federation in the United Arab Emirates Andrei Terekhov, General Director Deputy Vyacheslav Rodionov, Advisor to the Director General for International Affairs of the Investment Promotion Agency of the Novosibirsk Region Vasiliy Plotnikov, and more than 20 Novosibirsk companies participating in foreign economic activity, including members of the NCCCI.

Andrey Terekhov presented a brief characterization of the United Arab Emirates and outlined the most sought-after sectors for cooperation.

The UAE is the largest oil producer. The country has a strong investment potential, is building up programs in tourism and congress and exhibition business. The advantage of the UAE is that the country is a major logistics center. This will allow Russian companies to enter the markets of other Middle Eastern countries through the UAE.

There are more than 40 free economic zones in the UAE.

Promising areas of cooperation are logistics, agro-industrial complex, innovative technologies, «green» energy.

When entering the UAE market, a foreign company must take into account a number of factors: it must undergo a thorough verification procedure (high cost of registration), the company must have a license that corresponds to the profile of its activities. If a company has several lines of business, each of them must have a license.

Summing up the online meeting Alexander Elizarov answered specific questions of entrepreneurs of the Novosibirsk region and expressed his readiness  to assist Russian companies in establishing cooperation with UAE companies.