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German companies will invest more than $18 million in their production facilities in Russia in 2020

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German companies will invest more than $18 million in their production facilities in Russia in 2020

German companies have invested more than $18 billion in the development of their production facilities in Russia, the Russian Ministry of Economic Development (Mineconomrazvitiya) said.

"German business has traditionally been active in the Russian market. In terms of the number of foreign companies in the Russian market, German companies are leaders. At the moment there are almost 4 thousand German companies operating in Russia. In 2020, the total volume of accumulated investments amounted to more than $18.1 billion," the report said.

At the same time, the trade turnover between the countries is growing. According to the Ministry of Economic Development, after a decline in 2020 due to the effects of the pandemic, bilateral trade turnover in the first quarter of 2021 began to gain positive momentum and compared to the same period in 2020 has increased by 7.5%.

"Given the mutual interest in trade, economic and investment cooperation, it is necessary to look for new areas of interaction unaffected by restrictions. These include: "green energy", digitalization, healthcare, waste recycling, logistics, cross-border cooperation (Russia-EU cross-border cooperation programs), technical regulation and standardization," deputy head of the department Vladimir Ilyichev said in the report.

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    Author: Karina Kamalova

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