VEB Senior Banker Storchak Says Pivot East Will Give Russia New Markets

VLADIVOSTOK, September 6 – RIA Novosti. VEB senior banker Sergei Storchak said in an interview with RIA Novosti that a return to the East will give Russia new markets or expand and deepen those in which the country already exists. WEF-2022.

But the reversal has already taken place: in the East and Southeast, Russian non-energy, non-commodity goods are highly competitive due to a fair price-quality ratio, he said.

For example, Storchak adds: In 2021, Russia’s exports to India reached $9 billion – an increase of almost 60% compared to the previous year, and in 2022 exports already reached $ 9.8 billion in six months. “Can this increase compensate for the closure of some markets in Western Europe for us? This is a second question. It is clear that there is a stable active demand for Russian products from our southern neighbors, where partners are finding each other,” said Storchak. . . .

Over time, direct investment-oriented partnerships can be expected to emerge through interaction in the field of export and import operations. “There are reasons to expect other productions with the participation of the Eastern capital to appear soon, especially in the Far East Region,” added Storchak.

“Collaboration within the framework of the SCO, in particular, creates the prerequisites for Russian entrepreneurs to enter the markets of the large economies of China and India with direct counter-investments. This is more difficult. This requires a deep understanding of national regimes. knowledge of such transactions, including regulatory and taxation regimes. and customs regulation”.

WEF will take place on the campus of Far Eastern Federal University on Russky Island in Vladivostok on September 5-8. RIA Novosti acts as the general media partner of the forum.