Kobyakov supporting the strengthening of Belarus-UAE economic relations

Belarusian Prime Minister Andrei Kobyakov insists that Belarus and the UAE need to tighten their relations by increasing trading and economic collaboration between the two nations. The Prime Minister of Belarus believes that presently the two countries’ bilateral trading and economical activities do not match their political relationships. The amount of trade between the two countries should increase, in order to benefit both markets as well as third country markets which each collaborates with.

Belarus was officially included in the Eurasian Economic Union (EEU) at the beginning of the year. The EEU owns approximately one-sixth of the world’s land. Some of Belarus trading partners includes Armenia, Kazakhstan, Russia and Kyrgyzstan to name a few.

Belarus regards the UAE as a great partner within the Middle East region. Even though Belarus is aware of the UAE’s successful trading activities, it proposes that an increased cooperation between them will be beneficial to both. Belarus offers a large variety of goods that may be in demand throughout the UAE, such as medical, petrochemical, engineering as well as food products. Additionally, Belarus is willing to offer assistance on any business venture the UAE requires. Belarus is open to the prospect of UAE businesses setting up in the country.

The UAE was open to Belarus’ proposal to strengthen relations between the two countries. UAE and Belarus are alike in many ways. During the previous three years investment, economic and trade has increased between the two nations. The UAE is hopeful their ties will tighten both within the public as well as within the private sectors.

The UAE is Belarus’ leading trade partner between the Arab countries included in the Persian Gulf.  Belarusian exports to the UAE increased by 44% during 2013-2014, amounting to $59.3 million worth of trade. In total, Belarus gained $48.9 million in trade with the Arab country. UAE exports also marked an increase of 16.5% during the same years, amounting to $10.4 million.

During the previous year, the UAE invested approximately $95.1 million in Belarus, out of which $4.2 originated from direct foreign investments, leading to net revenue of $1.57 million. In total UAE participates in 15 Belarusian organizations.