The two-day Trade and Industrial Dialogue between Russia and the Gulf Cooperation Council, hosted by Bahrain, is an avenue for cooperation, said Alexey Zharich, Deputy Chief Executive Officer of GBZ. He added that conference and exhibition will open new potentials and new geographies for Russian products to enter.
"This forum opens an opportunity to intensify the bonds of cooperation between the two nations," he said.
Referring to the potential that he saw in Bahrain for growing his business, the deputy CEO said that his company is engaged in special production, such as tanks. We are also strong in transport and machinery. The production for the civil markets was thus far exported to many former Soviet countries. " By participating at this forum and exhibition we are looking for new markets, especially for our trains, trams," he added.
Turning to the impact of sanctions imposed by the US and its European allies, he said, "The sanctions imposed on Russia is a potential factor because "we are now looking to other geographies such as the east -- especially to China and the Gulf."
Prior to the sanctions, other European nations and the US were suppliers of technology. However, with the sanctions, it has become imperative to look inwards for that technological innovation. From importer of technology and exporters of finished products,we are now developing technology and exporting goods, he added.
One of the strengths for GBZ is oil exploration. Prior to the sanctions the US and Europe gave the technologies. "Now we have to source it in house. We are opening a new company that will now give us this service. We are uniting all the companies that can give the technology.
The company, he said has a turnover of $7 billion and net profit of $100 million.