British business urged to invest in Russian markets
The Government has called for businesses to explore opportunities in Russian markets after a visit from the country’s First Deputy Prime Minister, Igor Shuvalov, to London.
Business Secretary Vince Cable hosted a business summit with the Deputy PM, where a series of commercial deals were announced.
Manufacturing firm, Tensar, will build a plant in St. Petersburg in a project worth £12m, which will protect 150 jobs in Blackburn.
A £60m programme was secured by construction company Stoneguard to build a waste facility in Novosibirsk, whilst UK Export Finance and Russia’s Export Credit Agency signed a co-operation agreement.
British exports to Russia grew by 39% in 2011 to £4.78bn, and the country has been identified as the world’s 14th fastest growing economy.
Increasing numbers of organisations such as Shell, Imperial College London and the London Stock Exchange are making links with the country.
Russia is also set to host the 2014 Winter Olympics and the 2018 World Cup after Brazil takes its turn in two years time.
Vince Cable commented: “Britain’s trade with Russia is rapidly expanding and the opportunities will only continue to grow as its economy opens up further to trade and investment.
“Important steps like Russia’s accession to the World Trade Organisation earlier this year are making it easier for UK firms to do business there.
“We look forward to working closely with Russia to further develop new opportunities, delivering real economic results for both countries.”