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Companies with foreign capital will do business in Russia despite crisis - official

According to President of Russia’s Chamber of Commerce and Industry Sergey Katyrin, the consequences of the pandemic "for the global economy and world economic relations are to be fully assessed yet"

MOSCOW, September 9. /TASS/. Large and medium-sized companies with foreign capital intend to develop their businesses in Russia, despite the crisis caused by the novel coronavirus pandemic, President of Russia’s Chamber of Commerce and Industry Sergey Katyrin said on Wednesday. He was speaking during an online meeting of the Council of Heads of Chambers of Commerce of the CIS member-states.

"Today, we are monitoring the sentiments of foreign businesses for their readiness to continue working in the Russian market. In general, large and medium-sized companies with foreign capital that have been working in Russia for a long time and have firm production and logistics chains here confirm their interest in further developing business in Russia," he said.

According to him, the consequences of the pandemic "for the global economy and world economic relations are to be fully assessed yet."

Katyrin reiterated that just like in all other countries Russian entrepreneurs and the authorities faced a difficult socio-economic situation due to the restrictions taken to prevent the spread of coronavirus infection.

"Cooperation of the chambers of the CIS member states did not stop even at this difficult time. Initiatives in various integration formats - at the level of the chambers of the Union State, the Advisory Council of the EAEU states, the SCO Business Council - did not go unnoticed. Consolidated information was sent to the Eurasian Economic Commission about barriers in mutual trade, including those arising in connection with the pandemic, and proposals for their elimination. Basically, they talked about problems with transport, movement of labor, measures of tariff and non-tariff regulation, product certification and so on," Katyrin said.