Russia Plans Introducing Its Small & Medium Businesses to Africa

Russia is planning the introduction of interested small and medium-sized enterprises to African markets, Foreign Minister Sergey Lavrov said on Tuesday, according to state-run news agency TASS.

Lavrov was speaking at his ministry’s business council meeting on the development of economic ties between Russia and African countries.

“We find it important to estimate options for attracting small and medium-sized businesses to African markets. This segment of our cooperation is still insignificant,” he stated.

“We rely on the existing and strengthening foundation of Russian-African cooperation. This year we have significantly intensified political dialogue, cooperation between parliaments and civil societies,” the diplomat noted.

“This positive groundwork allows us to convert this into increasing trade, economic and investment exchanges, to expand banking cooperation, the implementation of mutually beneficial projects,” he pointed out.

Lavrov noted that trade and economic relations are “reaching a new level.”

“The first ever Russia-Africa summit, which is to be held in October in Sochi, should give a special impetus to these processes,” Lavrov said.

“I am pleased to note the positive dynamics of trade: last year it exceeded $20 billion,” the Russian Foreign Minister remarked.