Roscongress Foundation Prepares Analysis of Foreign Trade Relations between Russia and Africa
In preparation for the Russia–Africa Economic Forum, to be held on the sidelines of the Russia–Africa Summit, experts from the analytical division of the Roscongress Foundation have prepared a report entitled ‘Russia–Africa: A Long-Term Trade and Economic Partnership’. The report has been published in the Analytics section of the ROSCONGRESS.ORG Information and Analytical System
The report covers Africa’s position in the global economy, the current state of Russian-African trade relations, and major trends in their development.
Russia has shown increasing interest in the African continent. In his address to Forum participants, Russian President Vladimir Putin drew attention to the special importance of progress in collaboration between the countries and positive experience in developing joint projects.
“Trade, investment, and industrial integration between Russia and Africa are growing swiftly. This is evidenced by an upward trend in economic indicators and the great interest shown in the Russia–Africa Economic Forum, which will bring together more than 3,000 representatives of the African business community, Russian company heads, and leading international experts. Russia thinks the outlook for collaboration with African partners is great and is ready to share new solutions and technologies with them for the development of industry and human capital”, Adviser to the President of the Russian Federation Anton Kobyakov said.
According to the FCS, Russian and African trade turnover in 2018 increased by 17% over 2017 and amounted to USD 20.4 billion. Russia exported goods worth USD 17.5 billion, which is 18.1% higher than the previous of the year.
In the process of strengthening economic ties, Russia and other partners must take into account the whole range of new trends in African development.
Although most African countries continue to depend on the extraction and export of raw materials, Africa’s leading development institutions are seeking to increase manufacturing’s contribution to GDP. An influx of foreign direct investment into the region will be crucial for accelerating industrialization and sustainable development. For this reason, many African countries are currently carrying out active reforms and creating a favourable regulatory environment for doing business.
Business opportunities in Africa will be front and centre at the upcoming Economic Forum. The event will include a plenary session, a series of round tables and panel discussions, and the organization of a major venue for business meetings.
The Russia–Africa Summit and Economic Forum will take place on 23–24 October in Sochi at the Sirius Park of Science and Art. The events are being organized by the Roscongress Foundation, and the co-organizers of the Russia–Africa Economic Forum are Russian Export Center and Afreximbank.
For a more detailed version of the Russia–Africa Economic Forum programme, please visit: https://summitafrica.ru/en/programm/