Russia and UAE hold forum of special economic zones

The Russian-Emirati Forum of Special Economic Zones (SEZ) was held in Moscow on December 9. The event was organized by the UAE Embassy in Russia and the Russian Ministry of Economic Development.

The event brought together representatives of businesses, industry associations and SEZs of the two countries. The participants discussed strengthening cooperation through joint projects in industry, logistics, innovation and the environmental agenda.

Vladimir Ilyichev, Deputy Minister of Economic Development of the Russian Federation, noted the importance of Russia's initiative to create the International Association of BRICS SEZs. Today, there are about 3,000 such zones in the BRICS countries, which is 40% of the world figure.

Vladimir Ilyichev, Deputy Minister of Economic Development of the Russian Federation: "We see the willingness of our BRICS partners to share their successful management models, which will allow us to develop common standards for the functioning of SEZs in the future. Cooperation through special economic zones — both bilaterally and in the BRICS format — will help create competitive advantages and additional opportunities for attracting investment and implementing investment projects, for fully realizing the trade and investment potential of our countries.".

The development of e-commerce was also discussed. Cooperation between Russian and Emirati SEZs will help create platforms, expand logistics infrastructure, and develop marketplaces.

An important part of the forum's work was the promotion of strategic documents: an agreement on economic partnership between the EAEU and the UAE, as well as a bilateral agreement on free trade in services and investment. Their signing will ensure the growth of trade and mutual investment through the creation of new value chains.