INCONA took part in a seminar of the Russian CCI dedicated to doing business in the UAE and the Gulf countries

On February 20, 2013, a seminar was held in Moscow at the CCI of the Russian Federation on the topic «Opportunities for promoting Russian products to the markets of the Gulf countries», in which INCONA took part. The main purpose of the seminar is to promote Russian business in the Gulf countries, as well as the development of bilateral cooperation between the countries of the region and the Russian Federation.

The event was attended by representatives of state organizations, private Russian enterprises, and experts. The seminar was chaired by Tatiana Legchilina, Director of the Department of External Relations and Work with Business Councils of the CCI of the Russian Federation, who in her introduction stressed the importance of developing relations between Russia and the Gulf countries, as well as the prospects for doing business in this region.

INCONA partner Eugene Golotsan made a report on the economic development of the United Arab Emirates and the prospects for the development of relations between this state and Russia. At the same time, he noted that, from a demographic point of view, the UAE and the Gulf countries are one of the youngest regions in the world. The economic growth rates of the Gulf countries are outpacing the global pace. Eugene Golotsan stressed that a single economic, customs and energy space has been created in the region. The countries are united within the framework of the Cooperation Council for the Arab States of the Gulf.

Eugene Golotsan also touched upon the topic of diversification of the UAE economy, noting the reduction of the role of the oil and gas sector in the country’s GDP to 30%. He also said that the most favorable conditions for doing foreign business in the UAE are provided in the so-called free economic zones. INCONA’s partner identified the following areas as the most promising areas of doing business in the Emirates: energy-saving technologies, food and foodstuffs, the oil and gas sector, the transport industry and others.

Alexandra Aksenenok, coordinator of the Russian-Bahraini Business Council, also spoke at the seminar. In his speech, he noted that the main difficulty of integrating business into the markets of the Gulf countries lies in misunderstanding the interweaving of ancient customs with modern innovative features. Konstantin Aksenov, Head of the Client Relations Department at the Russian Agency for Export Credit and Investment Insurance, told about the tools that EXIAR can provide to Russian exporters. Entrepreneurs and experts present in the hall shared both negative and positive experiences of doing business in the Gulf countries.