Oleg Fomichev: Trade between Russia and UK could double over next five years
State Secretary – Deputy Minister of Economic Development of the Russian Federation Oleg Fomichev took part in the 3rd Russian–British Business Forum in London.
During the Forum, British members of parliament and business representatives came together with leaders from the Russian business establishment to discuss the development of cooperation and innovative sectors of the economy.
Oleg Fomichev noted an increase in the number of meetings taking place between Russian and British business circles and the importance of supporting dialogue of this kind between the two countries, keeping in mind their many years of cooperation. “We are ready to work with major transnational companies, as well as with small and medium-sized enterprises”, the Deputy Minister added.
He noted that, in his view, small and medium-sized businesses drive economic development in every country. In Russia, all necessary mechanisms had been put in place to support these – entrepreneurs in any of Russia’s regions can access a diverse range of government support tools, including subsidies, microloans, loan guarantees, and preferential loans.
The Deputy Minister also highlighted the fact that trade between Russia and Britain has increased. Turnover rose by 25% in the first nine months of 2017, amounting to USD 9.5 billion. “Business between our countries has continued to adapt to new realities in 2017. In agreement with forecasts, business activity between Moscow and London has continued to experience a systematic recovery, with trade turnover between the two countries this year increasing by more than 20%, exceeding USD 12 billion in value”, he said.
If the present trend in macroeconomic indicators is maintained and the potential for trade and investment cooperation realized, trade turnover between Russia and the UK could double over the next five years. “It is important that favourable conditions are in place to both increase and diversify trade”, the Deputy Minister added.
Oleg Fomichev underlined the significance of a gradual recovery in business relations between Russia and the UK.
According to the Deputy Minister, an important business event in 2018 will be the St. Petersburg International Economic Forum (SPIEF), which will take place from May 24 to 26 in St. Petersburg at the ExpoForum Convention and Exhibition Centre. SPIEF serves as a leading communications platform for the discussion of economic issues and brings together participants from around the world.
In addition, Russia’s official residence at the World Economic Forum – Russia House – will be open from January 22 to 26, 2018, serving as a platform for promoting Russian initiatives among leading international business representatives and high-ranking officials.