Palestinian, Russian Businesses To Sign Several Contracts On Friday - Minister

Palestinian, Russian Businesses to Sign Several Contracts on Friday - Minister

A delegation of businessmen accompanying Palestinian Economy Minister Khaled al-Osaily on his visit to Moscow are expected to sign a number of contracts with the Russian private sector on Friday, the minister told Sputnik on Thursday

MOSCOW (Pakistan Point News / Sputnik - 21st November, 2019) A delegation of businessmen accompanying Palestinian Economy Minister Khaled al-Osaily on his visit to Moscow are expected to sign a number of contracts with the Russian private sector on Friday, the minister told Sputnik on Thursday.

Al-Osaily is to take part in the session of the Russian-Palestinian Intergovernmental Commission on Trade and Economic Cooperation which is due to take place on Friday.

"I have with me a delegation of 20 business and private sector [representatives]. Very serious business people. Today, I think they will conclude many contracts," al-Osaily said, adding that a "few contracts" would be signed on Friday "between the Russian and Palestinian private sectors."

According to the minister, boosting b2b partnerships is part of Palestine's goal to enhance bilateral economic cooperation with Russia.

"The areas are the raw materials you have excellent raw materials with agriculture and with plastics, with leather and shoes, and many other things. For example, we import aluminum, Russian aluminum, but it was through a Swiss company [before]. Now, we already have an agreement with them to import directly with the Russian factories," al-Osaily said.

Although Russia and Palestine officially established relations in 1974, economic cooperation and trade have been significantly hindered by logistical barriers in the region. In 2015, however, following Palestinian leader Mahmoud Abbas's visit to Russia, an agreement was signed to set up the Russian-Palestinian intergovernmental commission on trade and economic cooperation as a means to overcome these obstacles. The commission has been meeting annually since then.