RUSSIA–UNITED KINGDOM: TARGETING IMPROVED TRADE AND ECONOMIC RELATIONS FOR A 100-YEAR PARTNERSHIP
The business roundtable was set to discuss trade and economic relations between Russia and the United Kingdom. The participants considered the issues of strengthening relations and partnership between the two countries.
The roundtable was moderated by Rodger Munnings, Chairman of the Board of Directors of the Russo-British Chamber of Commerce.
This year, the Russo-British Chamber of Commerce is celebrating its 100-years anniversary. All this time it has been strengthening trade relations between the two countries.
Today, there are over a hundred Russian companies operating in the UK; their investments made up around GBP 60 million last year. The scope of trade between the two countries went 40% down in 2015, and has lost 15% YTD vs 2014.
Speakers from the United Kingdom pointed out that their country welcomes the Russian private sector in their territories. It is especially important to consolidate efforts in London – the financial center of the country.
The roundtable participants dwelled on the ways of setting up business in Russia. Today it is much easier than most people would think it is, British representatives noted. In their opinion, the key is to obey local regulations and laws. In its turn, the Russian party promised to help British companies in entering new Russian regions. This is going to be the main line of the Chamber of Commerce cooperation with the UK, the Vice-President of the Chamber of Commerce and Industry of the Russian Federation Vladimir Padalko promised. He also noted that for the purposes of joint work the parties need to provide each other with information support and make sure their transactions are pure in legal and financial terms.
British majors, such as BP and Shell, seek to expand their Russian business. They see operating in Russia as risky, however refrain from leaving the country and instead try to make their business more focused.
Meanwhile, small companies want to understand how business can be done here. They are curious about the Russian Federation ambitions with regard to the United Kingdom.
The speakers also touched upon the topic of medicine. In this area, Russia is an important market for the United Kingdom, since ninety clinical trials organized by the British are currently underway in the Russian Federation. In these terms, the country is one of the four leading nations along with Germany, the USA and the United Kingdom itself.
The speakers paid special attention to relations in the cultural area and to the increasing number of Russian citizens studying in the United Kingdom. Ambassador Extraordinary and Plenipotentiary of the Great Britain to the Russian Federation Dr. Laurie Bristow expressed his hope for a future increase in the number of British students in Russia. Joint charity projects were also discussed at the roundtable.
