The creation of a grain storage facility in the United Arfrom Emirates (UAE) continues to be considered by the largest Russian grain companies. Andrey Terekhin, the Russian trade representative in the UAE, told reporters on the sidelines of the annual international economic forum “World of Opportunities,” organized by Synergy Corporation with the support of the Roscongress Foundation, TASS reports.
“If you mean the creation of a kind of grain center here, that is, conditionally speaking, the import of large batches of grain and the subsequent distribution in small batches to neighboring countries, then unfortunately I can say that the issue is being seriously addressed. It is cheaper for our exporters to call at several ports than to create a grain warehouse here. Our companies, our major exporters, have worked out and calculated this issue,” Terekhin said.
He said the UAE is interested in this initiative while the economic feasibility is still being examined.
Terekhin also pointed out that the share of Russian grain of the total volume of imports into the United Arfrom Emirates is 30-35 percent.
“One of the most important areas is the supply of Russian agro-industrial products and food to the UAE. Due to their natural conditions, the Emirates are very dependent on imported food. Food imports reach 90 percent. This opens up opportunities for our agro-industrial exports. Russia is the largest exporter of grain. The share of Russian grain in the UAE’s total imports is about 30-35 percent,” said Terekhin.
Trade turnover between Russia and the UAE has increased dramatically in recent years and is approaching $2023 billion by the end of 11.
Source: Zerno.ru (Russian)