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Russia–Africa Economic and Humanitarian Forum

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The Russian Export Center signed memoranda of cooperation with a number of countries on the African continent

The Russian Export Centre (part of VEB.RF) continues to develop cooperation with the African continent. During the Russia–Africa Economic and Humanitarian Forum, numerous memoranda of understanding and cooperation were signed. The agreements open up new opportunities for Russian companies, contributing to the development of exports of Russian goods and services and simultaneously reinforcing the country's standing in the global market.

Thus, as part of the Forum's business programme, a memorandum was signed between the REC and the Agency for Promotion of Investment and Exports of Mozambique (APIEX). According to the agreements, the parties will organize business missions and educational events aimed at fostering business development and strengthening economic cooperation between the two countries.

“The memorandum is an important step in the development of economic ties between Russia and Mozambique. This cooperation will enable enterprises from both nations to effectively penetrate each other's markets and bolster their respective positions. It is also planned to exchange information on major projects in order to attract companies,” said Nikita Gusakov, Senior Vice President of the REC.

Special attention will be paid to the exchange of analytical materials on priority sectors of cooperation, he said. This will enable the parties to stay abreast of current trends and developments in vital sectors of the economy. As a result, this collaboration will foster the creation of new opportunities for Russian exports.

Currently, there is a balance in foreign trade turnover between the Russian Federation and the Republic of Mozambique, demonstrating the complementarity of exports and imports between the two nations. Russia remains a major supplier of agricultural and chemical products to the Mozambican market, while Mozambique is one of the suppliers of rare earth metals and tobacco products to Russia's market.

In addition, a memorandum was signed with Multi-Services Et Materiel Industriel (MSMI) SARL (Cameroon). The main objective of the agreement is to jointly promote Russian industrial equipment in the Central African markets, especially in Cameroon.

It is anticipated that the REC and MSMI will engage in active information exchange concerning major government projects while also extending support to Russian companies aiming to enter the Cameroon market. Currently, Cameroon is undergoing significant industrial growth and implementing crucial infrastructure projects, offering favourable opportunities for Russian companies to compete with other global players in this region.

“Cameroon is one of the leading economies in Central Africa and offers a wide range of investment opportunities. The volume of REC Group's supported exports to Cameroon last year totalled USD 19.6 million. The joint efforts of the REC and MSMI will allow Russian companies to increase their presence in this promising market and strengthen their positions,” said Dmitry Prokhorenko, Director for Development of the REC's Foreign Network.

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“We highly value the results of our joint work at the summit. I am sure the achieved results are creating a good foundation for further deepening the Russia-Africa partnership in the interests of our nations’ prosperity and wellbeing.”

President of the Russian Federation
Vladimir Putin

The Russia–Africa Summit, which is taking place in Sochi on 23–24 October 2019, encapsulates the historically friendly relations between the African continent and the Russian Federation. This Summit carries great significance as it is the first of its kind to emerge during a period of major global and international transformations. In response to the aspirations of the people it is representing, the Summit intends to build a comprehensive framework for expanding Russian–African relations into broader horizons of joint cooperation across different fields.

The African nations and Russia share a common understanding of international relations, based on the principles of respect for the rule of international law, equality, non-interference in the internal affairs of states, and the peaceful resolution of disputes. Both sides affirm their commitment to support multilateral actions to oppose new international threats, be they terrorism and extremism in all their forms, or declining growth rates. The two sides share a firm conviction regarding the importance of developing trade flows and supporting mutual investment in such a way as to ensure security, peace and development for the African and Russian people.

African countries have huge potential and opportunities that will allow them, once efforts to streamline their economies have been achieved, to emerge as real global players. In recent years, the nations of this continent have achieved major successes spanning the political, economic, social and administrative spheres. Africa has flourished in terms of growth over the past decade, reaching a continent-wide growth rate of 3.55% in 2018.

The African Union Summit, which was held in Niger in July 2019, continued the efforts of the African countries and saw the African Continental Free Trade Agreement come into force, along with its operational instruments. The agreement is one of the key objectives of Agenda 2063, an African development strategy that has been created to address the African people’s desire for prosperity and decent living standards.

These successes are opening up wide-ranging prospects for cooperation between African countries and the Russian Federation, and confirm the determination of African governments and their people to cooperate with multiple partners in order to establish mutually beneficial relations.

With this in mind, we express our hopes that the Russia–Africa Summit will help in the establishment of constructive strategic relations, based on partnership between two sides across various fields, and in the service of fulfilling the hopes and aspirations of the African people and their friends in Russia.

President of the Arab Republic of Egypt
Abdelfattah ALSISI