https://en.sputniknews.africa/20241111/trade-turnover-between-russia-and-african-countries-has-reached-historic-high-of-245-billion-1069170051.html
Trade Turnover Between Russia and African Countries Has Reached Historic High of $24.5 Billion
Trade Turnover Between Russia and African Countries Has Reached Historic High of $24.5 Billion
Sputnik Africa
In 2021, Russia exported the most goods to Egypt (28% of total exports to Africa, or $4.2 billion), Algeria (20%, $3 billion), Senegal (8%, $1.2 billion), and... 11.11.2024, Sputnik Africa
2024-11-11T11:04+0100
2024-11-11T11:04+0100
2024-11-12T11:33+0100
russia-africa cooperation
economy
russia
africa
russia-africa partnership forum
trade
vladimir putin
egypt
morocco
angola
https://cdn1.img.sputniknews.africa/img/07e8/0b/0b/1069170698_0:225:1024:801_1920x0_80_0_0_6b69a28f1dce95598502a5fd01f3726d.png
In 2023, trade turnover increased by almost 37% to $24.5 billion compared to last year, and in the first eight months of 2024, Russian-African trade turnover grew by another 18.5% to $18.6 billion, stated Dmitry Volvach, Russia’s Deputy Minister of Economic Development.Moreover, by 2030, a twofold increase in mutual trade volumes is projected, he added.The importance of economic contacts with Africa was previously emphasized by Russian President Vladimir Putin.However, Russian exports traditionally exceed the volume of goods imported from African countries. Both sides, he said, are actively working to increase purchases in African countries to reduce this imbalance.Volvach also identified several promising areas for Russian-African cooperation—increasing exports of products and services, developing tourism, and joint projects in the energy sector.Furthermore, according to the official, Russian business is interested in investing in African countries. The Ministry of Economic Development of Russia is working on the possibility of signing agreements on the promotion and mutual protection of investments with several African countries. Currently, six such agreements have been concluded—with Angola, Egypt, Zimbabwe, Libya, Equatorial Guinea, and South Africa, while two more—with Congo and Morocco—are in process.
https://en.sputniknews.africa/20241107/russian-region-forges-strong-ties-with-african-markets--1069084961.html
russia
africa
egypt
morocco
angola
zimbabwe
libya
equatorial guinea
south africa
southern africa
north africa
central africa
Sputnik Africa
feedback@sputniknews.com
+74956456601
MIA „Rossiya Segodnya“
2024
Christina Glazkova
https://cdn1.img.sputniknews.africa/img/07e7/0b/07/1063380906_0:0:673:674_100x100_80_0_0_79628b4d0cd9f29291a57aa13bbf9e7a.jpg
Christina Glazkova
https://cdn1.img.sputniknews.africa/img/07e7/0b/07/1063380906_0:0:673:674_100x100_80_0_0_79628b4d0cd9f29291a57aa13bbf9e7a.jpg
News
en_EN
Sputnik Africa
feedback@sputniknews.com
+74956456601
MIA „Rossiya Segodnya“
Sputnik Africa
feedback@sputniknews.com
+74956456601
MIA „Rossiya Segodnya“
Christina Glazkova
https://cdn1.img.sputniknews.africa/img/07e7/0b/07/1063380906_0:0:673:674_100x100_80_0_0_79628b4d0cd9f29291a57aa13bbf9e7a.jpg
russia-africa cooperation, economy, russia, africa, russia-africa partnership forum, trade, vladimir putin, egypt, morocco, angola, zimbabwe, libya, equatorial guinea, south africa, southern africa, north africa, central africa, investment, business, economic growth
russia-africa cooperation, economy, russia, africa, russia-africa partnership forum, trade, vladimir putin, egypt, morocco, angola, zimbabwe, libya, equatorial guinea, south africa, southern africa, north africa, central africa, investment, business, economic growth
Trade Turnover Between Russia and African Countries Has Reached Historic High of $24.5 Billion
11:04 11.11.2024 (Updated: 11:33 12.11.2024) Christina Glazkova
Writer / Editor
In 2021, Russia exported the most goods to Egypt (28% of total exports to Africa, or $4.2 billion), Algeria (20%, $3 billion), Senegal (8%, $1.2 billion), and Morocco (also 8%, $1.2 billion), according to data from the Russian Export Center.
In 2023, trade turnover increased by almost 37% to $24.5 billion compared to last year, and in the first eight months of 2024, Russian-African trade turnover grew by another 18.5% to $18.6 billion, stated Dmitry Volvach, Russia’s Deputy Minister of Economic Development.
Moreover, by 2030, a twofold increase in mutual trade volumes is projected, he added.
"Almost 90% of Russia's exports to Africa last year consisted of oil and oil products, wheat, various metals, and metal products. Imports from Africa mainly include agricultural products—fruits, nuts, cocoa, and coffee," Volvach said at the first ministerial conference of the Russia-Africa Partnership Forum.
The importance of economic contacts with Africa was previously emphasized by Russian President Vladimir Putin.
"These ties are now indeed developing successfully, bringing mutual benefits to all our countries, promoting economic and social growth, and improving people's well-being," he said.
However, Russian exports traditionally exceed the volume of goods imported from African countries. Both sides, he said, are actively working to increase purchases in African countries to reduce this imbalance.
"This is in the interest of all parties, as it will, on the one hand, increase the sales volumes of our partners, and, on the other hand, improve conditions for transport and logistics companies, which currently mostly operate in one direction," explained the deputy minister.
Volvach also identified several promising areas for Russian-African cooperation—increasing exports of products and services, developing
tourism, and joint projects in the energy sector.
Furthermore, according to the official, Russian business is interested in investing in African countries. The Ministry of Economic Development of Russia is working on the possibility of signing agreements on the promotion and mutual protection of
investments with several African countries. Currently, six such agreements have been concluded—with Angola, Egypt, Zimbabwe, Libya, Equatorial Guinea, and South Africa, while two more—with Congo and Morocco—are in process.
"We are helping Russian businesses enter the markets of African countries and address current issues through intergovernmental commissions on trade-economic and scientific-technical cooperation," noted Volvach. "Currently, there are 18 successful intergovernmental commissions with African countries. New agreements on establishing intergovernmental commissions are being developed with partners from Senegal, Cameroon, Rwanda, and Cote d'Ivoire."
