Business Opportunities in Russia Outweigh Challenges Presented by Sanctions, US Entrepreneur Says
09:26 14.09.2023 (Updated: 09:30 14.09.2023)
© AFP 2023
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MOSCOW (Sputnik) - The Netley Group is a recently established company founded in Russia by US entrepreneur Michael Goddard. The company is involved in attracting investment into different industries in Russia. It is also actively exploring various trade and other mechanisms to expand investment flows to the country.
Opportunities for doing business in Russia now outweigh challenges presented by sanctions imposed against the country, with its economy steadily developing against all the odds, Michael Goddard, the president of the Netley Group, told Sputnik.
"Absolutely … Look at the performance of the Russian economy despite every bet, despite being cut off from SWIFT [payment system], despite all the sanctions. And as new mechanisms [for economic development and cooperation] start, which they are already starting and over the next two years a lot more of them will come, it will happen faster, all of a sudden it will mitigate the pressure of the sanctions of the West. And the Russian economy will then start to grow even more," Goddard said when asked whether he thinks that opportunities for businesses in Russia outweigh challenges there.
11 August 2023, 14:13
The entrepreneur added that new mechanisms of economic cooperation would also allow Russia and "friendly countries" to increase movement of the capital.
"But even in the short term, even without that, the opportunities are amazing within Russia. It will take time obviously to normalize with the West. And I don’t know how long it will be, but I do believe that BRICS and the affiliated countries, which will end up [representing] the majority of people on Earth, when they find a way to get around these things, which they will eventually, the West will calm down. And at some point all of that will go away," Goddard also stated.
In late August, Finance Minister Anton Siluanov said in an interview that the Russian economy is expected to grow by about 2.5% this year on the back of the government's efforts to mitigate the impact of Western sanctions.
