Russia Eyes Deeper Trade, Political Ties With Islamic World

(MENAFN- The Peninsula) Arsalan Altaf |The Peninsula

Kazan, Russia: The 15th edition of KazanForum - Russia's flagship platform to deepen economic, Political and cultural links with the Muslim world - wrapped up in Kazan, the capital of Russia's Republic of Tatarstan, on Sunday. The forum, titled XV International Economic Forum“Russia - Islamic World: KazanForum” brought together more than 20 thousand participants from 87 countries and 87 regions, including 40 diplomatic missions from Europe, Asia and Africa.

Qatar's delegation comprising Minister of Awqaf and Islamic Affairs H E Ghanem bin Shaheen bin Ghanem Al Ghanim, Undersecretary of the Ministry of Commerce and Industry H E Mohammed bin Hassan Al Malki, Qatar's Ambassador to Russia H E Sheikh Ahmed bin Nasser Al Thani, and other officials also attended the forum. Experts from Qatar and Russia highlighted the huge potential to increase bilateral trade, which according to a Russian official, was $91m in 2023. Key sectors with potential for growth included investments, advanced technologies, clean energy, tourism and transportation and logistics.

About 180 events took place within the framework of the forum, resulting in the conclusion of 120 agreements.

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The expert participants spoke about new opportunities and advantages in finance and logistics that cooperation between Russia and the OIC countries opens up. Russia's trade turnover with OIC countries has increased by 31 percent, said Deputy Prime Minister of Russia, Marat Khusnullin. He noted the special importance of the construction of the international transport corridor“North-South”, which includes railway, water and road routes through the Caspian region.“We have a number of agreements signed with Iran - both on railway communication and road transport. We are very actively working to find additional logistics opportunities with the Gulf countries,” said the Deputy Prime Minister.

According to the participants' estimates, the new corridor can reduce transport time by up to three times. For example, between the seaports of Mumbai (India) and Murmansk (Russia). If by sea cargo can go 45 days, then by railway through Kazakhstan“can reach in 15 days,” Deputy PM of Kazakhstan Serik Zhumangarin gave an example.

With the development of logistics and investment in joint projects, trade turnover between Russia and the UAE is growing and could exceed $9bn, said Abdullah Al Saleh, Undersecretary of the Ministry of Economy of UAE. Russian companies, he said, are investing in projects in the logistics sector, seaports, tourism, service, technology, industry, and renewable energy.

The development of projects in logistics will not only contribute to economic growth, said Ali Bagheri, who was then Deputy Foreign Minister of Iran. Participation in the design and development of transport routes, he said, brings many countries together and contributes to maintaining stability and peace in the region.

“The corridors are not exclusively routes for the transport of goods, but they determine the direction of development,” emphasised Ali Bagheri.

The position of the Russian leadership also plays a big role in the development of relations with the countries of the Islamic World, when in 2003 the President proposed to include the Russian Federation in the OIC observers, and then the annual KazanForum appeared, reminded Rustam Minnikhanov, Rais of the Republic of Tatarstan and Chairman of the Russia-Islamic World Strategic Vision Group.“Such strategic issues as the North-South corridor, Islamic banking, halal lifestyle, expansion of our tourist contacts - all this comes with the support of the leadership of our country, our President,” Rustam Minnikhanov pointed out.

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