The UAE and Belarus are looking at the possibility of setting up joint ventures in the private sector, according to a report from the BelTA News Agency quoting the Secretary-General of the Federation of UAE Chambers of Commerce and Industry, Hameed Mohammed bin Salem, before the third session of the Belarus-UAE business council began.

Hameed Mohammed bin Salem said, "The negotiations will touch upon opportunities for cooperation, implementing projects, and setting up joint ventures in the private sector. We see progress in Belarus-UAE interaction. We enjoy good and friendly relations at all levels. The trade turnover is expected to increase, thus bolstering our cooperation even more."

A Belarusian exposition will be part of the Expo 2020 Dubai, and will be another opportunity for promoting Belarusian products onto the global market as Expo 2020 is a window to the markets of countries from all over the world, the Secretary-General said.

Asked about the possibility of UAE companies working as residents of the China-Belarus industrial park Great Stone, Hameed Mohammed bin Salem said that investors and representatives of the UAE private sector will consider all the possibilities for cooperation and working on the Belarusian market.

The Chairman of the Belarusian Chamber of Commerce and Industry, Vladimir Ulakhovich, spoke about possible avenues of economic cooperation between the two countries, saying, "Modernisation and the assimilation of new technologies in the manufacturing sector and mechanical engineering are very important for us. Arab investments in Belarusian agribusiness and food production look interesting because money invested by these countries is, as a rule, aimed at diversification and the establishment of joint ventures. The joint ventures may begin as assembly enterprises. Once localisation gets higher, they may evolve into joint manufacturing projects. These matters will be discussed," he said.

Ulakhovich also talked about cooperation in the petrochemical industry, describing it as promising.

He added that he believes that Belarus and the UAE have all the opportunities for increasing trade turnover. "At present, the figure is close to US$30 million while the UAE's import portfolio is $246 billion. "Prospects are huge. Stable and constructive relations have been established at the state level. The private sector should capitalise on it and secure real results. We will see different figures by the end of the year," he said.

The current session of the Belarus-UAE business council will focus on prospects of bilateral trade and economic cooperation, the investment climate and investment opportunities in Belarus, opportunities for exploring the export potential of the two countries. A business matchmaking session with representatives of Belarusian and Emirati business circles will be held.

The UAE is represented by 20 companies working in civil engineering, tourism, agriculture, and other spheres.