Vladimir Yefimov announced a two-fold increase in trade between Moscow and the UAE in 2021
In 2021, the trade turnover of the Russian capital with the United Arab Emirates increased by 116 percent and exceeded $1.1 billion, Vladimir Yefimov, Moscow’s Deputy Mayor for Economic Policy and Property and Land Relations, said.
“The United Arab Emirates is a promising business destination. Among the factors that attract companies to work in the country are preferential taxation, a competitive economy, low import rates and a favorable geographical position. Russian trade with this region in 2021 increased by 64.5 percent and amounted to $5.36 billion, while Moscow’s share in it is 20.6 percent. The trade turnover directly between Moscow and the UAE last year increased by 116 percent and exceeded $1.1 billion,” Vladimir Yefimov said.
The Deputy Mayor also noted that Moscow is the main Russian exporter of non-commodity non-energy goods to the UAE, accounting for 26 percent of the total Russian NOE. Moscow’s export of goods from the non-commodity non-energy sector to the United Arab Emirates is developing due to a multiple increase in the supply of industrial goods. In two years, the volume of industrial exports increased by about 10.5 times and reached $462.15 million in 2021.
The capital’s industrial exports are rapidly developing due to an increase in the supply of mechanical equipment and machinery, as well as optics and medical products. The growth in demand for imported industrial goods from the United Arab Emirates is associated with the desire to reduce dependence on oil production through the development of other industries. Moscow companies managed to respond to the emerging demand in the promising market and occupy a product niche with high demand growth rates.
So, in 2021, Moscow companies exported liquid pumps in the amount of $14.76 million, while in 2020 the volume of deliveries did not exceed $100,000.