Dubai Chamber explores prospects for expanding UAE-Russia food trade

The webinar, titled 'Russia-UAE Food Trade in the Post-Covid-19 Era', attracted 131 participants from the UAE, Russia, Eurasia and Africa

  
Dubai Chamber brings together public and private sector to discuss COVID-19 challenges, in virtual meeting chaired by Sheikh Ahmed bin Saeed Al Maktoum & attended by H.E. Reem Al Hashimy Minister of State for International Cooperation & business community representatives. Image courtesy Dubai Media Office Twitter handle.

Dubai Chamber brings together public and private sector to discuss COVID-19 challenges, in virtual meeting chaired by Sheikh Ahmed bin Saeed Al Maktoum & attended by H.E. Reem Al Hashimy Minister of State for International Cooperation & business community representatives. Image courtesy Dubai Media Office Twitter handle.

UAE-Russia food trade has increased steadily in recent years due to cooperation on food security and Moscow's efforts to diversify exports, however, a recent Dubai Chamber of Commerce and Industry webinar revealed that much potential still remains in both traditional categories and niche markets.

The webinar, titled 'Russia-UAE Food Trade in the Post-Covid-19 Era', attracted 131 participants from the UAE, Russia, Eurasia and Africa, representing businesses operating in a wide range of economic sectors. The virtual event was organised by Dubai Chamber's representative office in Azerbaijan in cooperation with Moscow Chamber of Commerce and Industry.

The event featured presentations on key trends impacting food trade in the UAE and Russia, Dubai's efforts to boost food security, new innovations in agri-business and food manufacturing, and bilateral business opportunities that can be further explored. Dubai's food imports from Russia reached $305 million in 2019, accounting for a large share of total bilateral trade, while Dubai's food exports to Russia amounted to $114 million, according to government statistics revealed during the event. E-grocery, vertical farming, halal food, re-exports and food transportation were identified as high-potential areas where UAE and Russian companies can establish business tie-ups.

Addressing participants, Omar Khan, director of International Offices at Dubai Chamber, highlighted the various competitive advantages that Dubai offers Russian food exporters looking to service the Mena and African markets, such as the emirate's strategic geographic position providing access to two billion consumers, world-class logistics infrastructure, premier business-friendly environment and a sound financial system.

"Dubai Chamber is seeing growing interest on the part of food producers in Russia who are keen to leverage Dubai as a re-export hub, and explained that the emirate can serve as an ideal partner that can help Russian companies diversify their export markets and provide them with exceptional logistics and transport support," said Khan.

Russian businesses can benefit by establishing their own supply chain operations in Dubai delivering products straight to consumers and boost their reach across the GCC, the Middle East and Africa, Khan explained, adding that Dubai Chamber's representative office in Baku, Azerbaijan, is ready to provide prospective investors with the support and resources they need.

Suren Vardanyan, VP of the Moscow Chamber of Commerce & Industry (MCCI) noted that the wealth of bilateral business opportunities goes well beyond food trade, and extends to other areas such as innovative food growing and processing technologies.

Dmitriy Krasnov, head of the Agro-export subdivision of the Russian Ministry of Agriculture of the Russian Federation, revealed that Russia has been growing its food exports in recent years, adding that the country exported more than $25 billion worth of food products in 2019. He identified dairy, poultry, meat and confectionary items as high potential product categories for the UAE market.

Sergey Vologodsky, VP of the Russian Export Center, noted that the Russian Export Center has support mechanisms for exporters aspiring to grow exports to the UAE and other regional markets. Much potential exists in organic and halal food exports to the UAE, and the Russian Export Center is ready to support these sectors, he pointed out.

Copyright © 2020 Khaleej Times. All Rights Reserved. Provided by SyndiGate Media Inc. (Syndigate.info).

Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. We are not responsible for, and do not control, such external websites, entities, applications or media publishers. The body of the text is provided on an “as is” and “as available” basis and has not been edited in any way. Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this article. Read our full disclaimer policy here.

More From Economy