The United Arab Emirates presented information about integrated economic solutions that could create strategic planning options for Commonwealth of Independent States (CIS) at the recent Commonwealth of Independent States Global Business Forum organized by the Dubai Chamber of Commerce and Industry.
These options could resolve issues concerning the volatility of the oil market. This is important because Dubai’s trade for non-oil products with CIS has increased from more than $4 billion in 2011 to over $5 billion in 2014 and $2 billion within the first six months of 2015.
Diversifying the CIS economies would help to diversify other energy resources within the UAE. The UAE has recently decreased its dependence on the oil industry, which is important as the market continues to fluctuate. It will take significant efforts and reforms to diversify the region’s economy without losing any economic growth and progress that has been made.
Leaders are also promoting the relaxing of regulatory norms and further efforts to create treaties for protecting investor interests and taxation.
“The CIS nations require long-term strategies to overcome the challenges in the hydrocarbon sector,” UAE Minister of Energy Suhail Mohamed Faraj Al Mazrouei said. “The UAE has shown that it is possible to prepare for challenges well ahead as we have shown by developing an independent strategy away from oil.”