Source Pravda.Ru

Arab countries expected to step up investment in Russian economy

Middle Eastern countries will continue to invest more and more in the Russian economy each year. As a Rosbalt correspondent reports, this was announced yesterday by Vladimir Yevtushenkov, chairman of the Russian-Arabian Business Council and Sistema CEO. He said 'the fact that Russia and OPEC countries do not always agree about quotas on oil export will not prevent Russian trade with Arab countries, which are now beginning to flourish again after a recession in the nineties.' He added 'our aim is to make Russia accessible and attractive for Arab business.' Mr Yevtushenkov said the most promising areas for Russian-Arabian business is investment in property and road construction, the development of information technology and services.

Head of the League of Arab States in Russia Said Al Barami mentioned that the trade turnover between Russian and Arab countries is currently at about USD 5 billion. The diplomat said he hoped 'the activity of the Russian-Arabian Business Council could help to raise this figure.'

The council was founded in August 2003 by the Russian Chamber of Commerce and Industry to promote closer ties between Russian and Arabian business communities. Members of the council include UES of Russia, LUKOIL, Aeroflot, Sual-Holding, Vneshtorgbank and other leading Russian companies.