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Russian companies’ operations in Africa far below export capabilities

July 11, 2013, 15:01 UTC+3
Deputy Foreign Minister Mikhail Bogdanov stated the presence of the political willingness to get for a quality new buildup of economic ties
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MOSCOW, July 11 (Itar-Tass) - Span of Russian companies’ operations in Africa does not match either this country’s export capabilities or the size of the continent’s resources, Deputy Foreign Minister Mikhail Bogdanov said Thursday as he took the floor at a session of the Urals-Africa economic forum underway in Yekaterinburg.

The Foreign Ministry published the text of Bogdanov’s speech at its official website.

“One must admit today that the practical span of Russian companies’ business operations in Africa falls far below our export capabilities, on the one hand, and the huge natural resources of the huge continent, on the other,” Bogdanov said.

“Poor knowledge of the African markets’ structure and the characteristics of African customers by the Russian business community remains an undeniable fact,” he said.

“The Africans in their turn are insufficiently informed on the capabilities of potential Russian partners,” Bogdanov said.

He stated the presence of the political willingness to get for a quality new buildup of economic ties, including - and particularly the ones effectuated by public companies - is already there.

“Still we need a more efficient system of exchanging information,” Bogdanov said. “I think our efforts should be targeted first and foremost at a search for new partnerships, at boosting the performance factor of other mechanisms of cooperation, and at implementing the biggest and most promising projects.”

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