Oleg Fomichev urged to seek new growth points to increase Russian-Chinese trade turnover

24th April 2015

During the forum the State Secretary - Deputy Minister of Economic Development of the Russian Federation Oleg Fomichev took part in the plenary session “Measures to support small and medium business in Russia and China”.

In his speech, Oleg Fomichev noted that in recent years Russian-Chinese trade and economic cooperation has been developing rapidly. “Today China is the largest trading partner of Russia with a share of 11.3% in Russia's foreign trade turnover. In turn, Russia is among the “top ten” major trading partners of China at the end of 2014,” – he said. In 2014, the Russian-Chinese trade turnover amounted to 88.4 billion dollars.

According to the Deputy Minister, the main directions of Russian-Chinese cooperation are joint investment and innovation projects, expansion of trade and industrial, scientific and technical cooperation. “Industrial cooperation can rightly be considered the engine of Russian-Chinese cooperation, – he said. Eight strategic bilateral economic cooperation projects are currently being implemented.

“Taking into consideration ambitious plans to bring the level of bilateral trade to $ 200 billion dollars by 2020, not only do we need to work actively on the previously defined directions of cooperation, but also seek new growth points, – said Oleg Fomichev. – We consider the interaction between small and medium business to be another major direction of ​​cooperation”. In the current conditions small and medium business, being a source of long-term economic growth, well-being, quality of life and national security, has strategic importance in socio-economic development of the state.

According to him, in recent years Russian small and medium business has seriously “grown”. There are competitive producers ready to cooperate on the international level.

Small and medium business can have a significant impact on the diversification of Russian economy, increasing the share of international trade and growth of non-energy exports. “Of course, we are lagging behind China in terms of SMEs share in the total exports, but we are actively working on the development of the export potential of Russian enterprises”, – said the Deputy Minister.

The main efforts to support exports of small and medium enterprises are aimed at the development of exports support infrastructure of small and medium business at the regional level.

At the same time Oleg Fomichev drew attention to the fact that organizations to support export-oriented small and medium enterprises, where entrepreneurs can receive information, organizational and promotional support for entering foreign markets, are being created. In addition, market researches and foreign market surveys for business are being conducted, as well as business missions and training seminars are being organized, assistance in standardization and certification of supplied products for export is being rendered, which further contributes to the conclusion of export contracts.

Currently, within the framework of the Ministry of Economic Development of the Russian Federation 36 regional coordination centers to support export-oriented small and medium enterprises and 43 regional integrated centers of the Russian branch of the European Enterprise Network have been created.

“I hope that this forum will contribute to strengthening of business ties between Russian and Chinese businessmen, creation of joint ventures, integration of Russian and Chinese companies into the supply chains of large Russian and Chinese business”, – he concluded.

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