UAE showcases investment opportunities at trade fair in Russia

Yekaterinburg, Russia: Cutting-edge technologies are on display at Innoprom, the annual international industrial fair, which got underway in Yekaterinburg, Russia, on Monday. The UAE is the guest of honour at the four-day expo, which presents innovative technologies and solutions that can contribute to the modernisation of industries and increase productivity.

At the trade fair, the UAE is focused on strengthening bilateral relations by highlighting investment, industrial, and trade opportunities, exchanging experiences and knowledge, and exploring partnerships. The expo brings together experts from more than 70 countries for an array of discussions, seminars, workshops and conferences that focus innovative technologies and their application in production.

During a Business Forum session titled 'Industrial Dialogue Russia-UAE', Dr. Sultan Bin Ahmed Al Jaber, Minister of Industry and Advanced Technology, in a keynote speech, emphasised the joint efforts to enhance industrial cooperation and bilateral trade. Much of this focuses on supply chains in high-demand industries to increase their competitiveness, leading to industrial growth, the head of the UAE delegation added.

Industrial prospects

Several roundtables were held to explore industrial investment opportunities between Emirati and Russian businesses and investors.

In addition to Russia, the UAE is aiming to boost cooperation and develop partnerships between local companies and the rest of the participating countries. At least 700 companies are at the trade fair, which has attracted 46,000 visitors from more than 50 countries.

The UAE’s participation and its pavilion drew praise from Russian Prime Minister Mikhail Mishustin, who also commended the country for developing a competitive industrial sector. He also thanked the UAE companies for their participation.

As Partner Country at the Innoprom 2024, the UAE is showcasing key investment opportunities, competitive advantages, enablers and partnerships offered to industrial investors, which enhance the growth and competitiveness of companies under the National Strategy for Industry and Advanced Technology. The strategy has paid off as the UAE industrial sector has witnessed remarkable growth, becoming the second largest contributor to the non-oil GDP after the retail sector, with a value of Dh205 billion – a growth of 55 per cent compared to the year 2020.

UAE strategy

At Yekaterinburg, a principal industrial city in Russia, the UAE highlighted objectives of its industrial strategy, and the role of the Ministry of Industry and Advanced Technology in promoting initiatives in priority industries and the growth achieved under the '300 Billion Project'. The project offers investment benefits for foreign investors and incentives to enhance the business environment.

The ministry has also underscored the key enablers and competitive advantages of the UAE’s investment environment, focusing on success stories achieved under the Make in the Emirates initiative. They include support for the growth and sustainability of supply chains in areas including agricultural technology, pharmaceuticals, smart mobility and future industries. The initiative guarantees procurement for more than 2,000 products manufactured in the UAE.

Deals signed

Several UAE entities and companies will sign memorandums of understanding and other agreements with their Russian counterparts to attract industrial investments to the UAE.

Incentives for production and export are also presented at the UAE Pavilion. They the country’s strategic geographical location, advanced logistical infrastructure, 100 per cent foreign ownership laws, and reliable and affordable low-carbon energy. Besides, the UAE has free trade agreements, which grant access to potential international markets for products made in the UAE.