Alexey Busev delivered a speech in the program «Economics in Russian»


On the air of the radio station «Russian News Service», the General Director of INCONA A. Busev spoke about the peculiarities of doing business in the United Arab Emirates. Denis Raksha, the host of the Russian Economy program, and Alexey Busev discussed the topic of domestic companies entering world markets using the example of the UAE. According to A.Busev, more and more Russian entrepreneurs are thinking about developing their business abroad.

The General Director of INCONA spoke about the motives that encourage domestic companies to operate abroad. Among these, A.Busev attributed the internal limitations of the Russian market, the high potential for business development in Arab countries, as well as the favorable business climate and comfortable infrastructure of the United Arab Emirates. The General Director of INCONA spoke about the industries in which Russian business is competitive: the food industry, the oil and gas industry, certain areas of mechanical engineering and instrumentation, the IT sector, water treatment, etc.

A.Busev also spoke about the problems and difficulties faced by Russian business in foreign markets, including in the UAE. According to him, domestic companies, even with competitive products and technologies, are often not ready to work under the new rules. For example, certificates issued in Russia are not valid on the territory of foreign countries, in particular the UAE. And such documents, as a rule, are a prerequisite for participation in tenders. Another problem of Russian companies when working in foreign markets is the opacity of financial statements. The language barrier creates significant difficulties for domestic business. Russian companies are experiencing a shortage of qualified personnel who speak a foreign language.

At the end of the program, A.Busev answered the questions of radio listeners. The callers were interested in what products of domestic companies are represented on the market of the UAE and other Arab countries of the Gulf.