Business news

MINSK, 25 September (BelTA) – Belarus and the United Arab Emirates (UAE) are discussing the possibility of setting up joint ventures in the private sector, BelTA learned from Secretary General of the Federation of UAE Chambers of Commerce and Industry Hameed Mohammed bin Salem before the third session of the Belarus-UAE business council.

Hameed Mohammed bin Salem said: “The negotiations will touch upon opportunities for cooperation, implementing projects, and setting up joint ventures in the private sector. We see progress in Belarus-UAE interaction. We enjoy good and friendly relations at all levels. The trade turnover is expected to increase, thus bolstering our cooperation even more.”

A Belarusian exposition will be part of the Expo 2020 Dubai. It will be another opportunity for promoting Belarusian products onto the global market. “The expo is a window to the markets of countries from all over the world,” believes the official.

Asked about the possibility of UAE companies working as residents of the China-Belarus industrial park Great Stone, Hameed Mohammed bin Salem remarked that investors and representatives of the UAE private sector will consider all the possibilities for cooperation and working on the Belarusian market.

Chairman of the Belarusian Chamber of Commerce and Industry Vladimir Ulakhovich talked about possible avenues of economic cooperation between the two countries. “Modernization and the assimilation of new technologies in the manufacturing sector and mechanical engineering are very important for us. Investments in Belarusian agribusiness, food production look interesting because Arab partners actually import all of their food. After having difficulties on the global market due to falling oil prices Arab countries are now diversifying their revenues. In other words, money invested by these countries is, as a rule, aimed at diversification — the establishment of joint ventures. The joint ventures may begin as assembly enterprises. Once localization gets higher, they may evolve into joint manufacturing projects. These matters will be discussed,” he said.

Vladimir Ulakhovich also mentioned cooperation in petrochemical industry as promising. A presentation of Belneftekhim concern enterprises was held in 2017. Persian Gulf countries traditionally focus on extracting oil and exporting energy resources. “Technologies of Belarusian companies are interesting for them because they can become a new avenue of cooperation,” explained the official.

Vladimir Ulakhovich said he believes that Belarus and the UAE have all the opportunities for increasing trade turnover. “At present the figure is close to $30 million while the UAE’s import portfolio is $246 billion. Prospects are huge. Stable and constructive relations have been established at the state level. The private sector should capitalize on it and secure real results. We will see different figures by the end of the year,” he said.

The session of the Belarus-UAE business council will focus on prospects of bilateral trade and economic cooperation, the investment climate and investment opportunities in Belarus, opportunities for exploring the export potential of the two countries. A business matchmaking session with representatives of Belarusian and Emirati business circles will be held. The UAE is represented by 20 companies working in civil engineering, tourism, agriculture, and other spheres.