Russia seeks Africa trade ties

ADDIS ABABA, Tuesday

Russia has launched an Africa business forum aimed at improving direct trade with the continent.

During the launch in Addis Ababa, Ethiopia participants discussed the feasibility and agenda of holding such meetings on a regular basis

Special representative of Russia for cooperation with African countries, Mikhail Margelov said the event will enhance interactions between the two sides.

Growing interest of Russian business in Africa has brought cooperation with the continent to the foreground.

Having started with almost exclusively mining operations, today Russians are examining investments into other areas,” he said.

Top on the agenda were issues on trade, economic, scientific and technological, and investment cooperation with a focus on launching promising joint projects in energy, industrial production, high technologies, transport and agriculture.

Russia-Africa cooperation had significantly declined following the collapse of the Soviet Union.

Russia is now repositioning itself as a market that provides enticing opportunities for African exports and produces many goods needed in Africa. Most of the trade has been occurring through third parties, who buy goods and export them to Russia and vice versa.

 “Africa can massively increase and enhance its trade relation through direct business contacts and government support; and Russia has the capital and technology that Africa needs to develop its infrastructure, exploit its natural resources and promote the industrialization of its economies,” said a statement from the Russian embassy in Nairobi.

Africa and Russia enjoyed trade-exchanges amounting to 2.7 billion dollars (Sh227 billion) this year.

Ethiopian prime minister Meles Zenawi called on participants to ensure the cooperation gets established like before the Soviet collapse.

The forum held at the weekend brought together 200 businessmen and government officials from Russia, Ethiopia, Mali, Sudan, Botswana, Niger, Zimbabwe and Ghana.