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Chinese companies rush to fill empty niches in Russia — Union

Speaking about existing gaps in trade, Mankevich underlined a number of problems in the field of non-resource exports

MOSCOW, October 22. /TASS/. After unfriendly countries broke ties of cooperation with Russia, a new opportunity has opened for entering the Russian market, so the Chinese are rushing to take advantage of that, President of the Russian-Asian Union of Industrialists and Entrepreneurs (RAUIE) Vitaly Mankevich told TASS on Saturday.

According to Mankevich, whereas Russian-Chinese cooperation was often described by the phrase "warm in politics, cold in economics," the situation is currently changing drastically with regard to economic cooperation. Quite a large number of niches have become available for Chinese companies in a variety of segments. And they are wasting no time in trying to fill them.

"Against the backdrop of a breakdown in cooperation with unfriendly states, Russia is vigorously building up economic cooperation with China. The opportunities for economic cooperation between the two countries are huge. First and foremost, the exit of Western brands from Russia opens a new chance for China to enter the Russian market, and based on the RAUIE activities, the Chinese rush to take advantage of that," Mankevich said on the sidelines of the Made in Russia international forum, which is rounding up in Moscow.

To date, the RAUIE Department of Trade and Economic Cooperation has received an increased amount of requests from Chinese companies asking for assistance in entering the Russian market. Not only does the Union seek to bring Chinese products to the Russian market, but also it seeks to stimulate the emergence of joint ventures in Russia. According to the Union’s president, the implementation of such projects facilitates new investments to Russia.

Speaking about existing gaps in trade, Mankevich underlined a number of problems in the field of non-resource exports.

"The RAUIE sets a goal of assisting Russian business people in this area. Nowadays, Asian countries are ready to accept the amount of such exports, but they need high-quality and competitive goods. Aiming to support exporters, the Union has established and is energetically promoting a network of exhibition pavilions of Russian products in China. It is quite an effective tool for building direct ties with Chinese counterparts," he noted.

The Made in Russia 2022 International Export Forum organized by the Russian Export Center is held in Moscow from October 20 to 22, bringing together representatives of major Russian and foreign companies, federal and regional authorities, Russian banks, export support centers, specialized associations and unions. TASS is the general information partner of the forum.