Palestine aims for an up to fivefold increase in trade volume with Russia and hopes to start out bilateral investments, Palestinian Minister of National Economy Khaled al-Osaily told Sputnik in an interview on Thursday
MOSCOW (Pakistan Point News / Sputnik - 21st November, 2019) Palestine aims for an up to fivefold increase in trade volume with Russia and hopes to start out bilateral investments, Palestinian Minister of National Economy Khaled al-Osaily told Sputnik in an interview on Thursday.Al-Osaily is currently in Moscow with two delegations one representing the state and the other business. He 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 want really to put all my efforts to increase the trade between the two countries as well as, if we can, start also investment in both [directions]. So it is very important we work in the last two-three months concentrating on this mission. This time ... we will do our utmost to affect the relations positively, to duplicate or even to make it five times or more than the [current] volume of trade," al-Osaily said.
In 2018, trade between Russia and Palestine totaled over $5 million, almost twice as much as last year, with largest sectors being metals (33 percent) and agriculture (30 percent).
The minister stressed that for him, as for someone of a private sector background, the positive impact of economic cooperation on political affairs between states was hard to overestimate.
"We look at Russia as [as] our best friend in the world who supports the Palestinian rights all the time, in the past and now and hopefully also in the future," al-Osaily said.
According to the minister, Palestine aims to both open new areas cooperation and optimize existing ones. For example, Palestine previously used to import raw aluminum from Russia through a Swiss company before signing a deal to get the aluminum directly.
Other areas of interest for bilateral trade and investments include other raw materials, agriculture, plastic, leather and shoes, among others.
