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Moscow Hosts Discussion on Trade and Economic Relations between Russia and Africa

20 June 2019
В Москве обсудили укрепление торгово-экономических отношений между Россией и Африкой

The Afreximbank Strategy for Export Trading Companies was launched in Moscow during the open Russia—Africa Economic Conference, part of the Afreximbank Annual Meetings with the support of the Roscongress Foundation and Russian Export Center. The panellists included Managing Director of Afreximbank’s Intra-African Trade Initiative Kanayo Awani and Deputy Governor of the Central Bank of Egypt Gamal Mohamed Abdel-Aziz Negm. One of the key focal points of the discussion at the event was the strengthening of trade and economic relations between Russia and Africa.

Experts predict that the trade turnover between Russia and Africa will double in the next three years. Last year, their total export volume grew by 18% and reached USD 17.5 billion. At the same time, the volume of non-energy non-commodity exports grew to USD 14.3 billion. Egypt, the Republic of South Africa, Zambia, Angola, Algeria, Nigeria, and Kenya are key African consumers of Russian non-commodity exports.

«The African continent currently has enormous potential as a sales market. Many African countries are enacting economic reforms, demand is growing for high-quality, competitive products. Russian businesses are interested in this niche, and our goods are already competitive in terms of price and quality. We plan to increase export volumes in the next few years,» said Andrey Slepnev, Chief Executive Officer of the Russian Export Center (REC).

A Russian Industrial Zone is currently being built in Egypt’s Suez Canal Economic Zone. This is the first such infrastructure megaproject launched by the Russian Export Center (part of VEB.RU). «Residents of the industrial zone will have several key advantages: proximity to vital transport canals, a number of trade agreements with Egypt, maximally simplified business regulations, and a single point of contact for solving any problems or addressing any issues. In the next five years, this 525-hectare area will be transformed into a comprehensive industrial park for Russian companies. In the future, the Russian Industrial Zone will serve as an outpost for promoting Russian goods and services in Africa,» said Andrey Slepnev, Chief Executive Officer of the Russian Export Center.