Russian-African Trade May Double Within 3 Years - Russian Export Center Head

Russian-African Trade May Double Within 3 Years - Russian Export Center Head

The Russian-African trade may double within the next three years due to increasing role of Russian products in the African market, Russian Export Center (REC) Director General Andrey Slepnev said in an interview with Sputnik ahead of the Russia-Africa Summit

MOSCOW (Pakistan Point News / Sputnik - 21st October, 2019) The Russian-African trade may double within the next three years due to increasing role of Russian products in the African market, Russian Export Center (REC) Director General Andrey Slepnev said in an interview with Sputnik ahead of the Russia-Africa Summit.

The Russian resort city of Sochi will host the Russia-Africa Summit and business forum, co-chaired by Russia and Egypt, from October 23-24. The leaders of all the 54 African nations have been invited to the event, with more than 40 of them having already confirmed their attendance. The Rossiya Segodnya International Information Agency is an official media partner of the event.

"According to our forecasts, the Russian-African trade should double within three years. Africa is an important strategic partner, and we, in turn, become economical diplomacy proxies on the African continent, through expanding export and opening the African market for Russian products," Slepnev said.

Egypt, South Africa, Zambia, Angola, Algeria, Nigeria and Kenya currently receive most of Russia's non-resource exports, according to the REC head.

"The Russian-African trade saw a 17 percent increase in 2018, exceeding $20 billion. The non-resource non-energy export grew by 15 percent in the first half of 2019, compared to the same period in 2018," Slepnev said.

Under the REC's forecast, the bilateral trade is expected to increase by around 20 percent in 2020, with the commissioning of the Russian industrial area in Egypt set to contribute largely to this growth, Slepnev added.