Keeping Britain the No1 partner for Russian business is at the centre of a visit between 6-8 February by Alistair Darling, UK Trade and Industry Secretary. He will be joined in Moscow by a top-level CBI-led business delegation of companies collectively worth over $1 trillion. Commenting on the business relationship between the two countries he will say: "The opportunities outstrip the challenges we face.
(Media-Newswire.com) - Keeping Britain the No1 partner for Russian business is at the centre of a visit between 6-8 February by Alistair Darling, UK Trade and Industry Secretary. He will be joined in Moscow by a top-level CBI-led business delegation of companies collectively worth over $1 trillion.
Commenting on the business relationship between the two countries he will say:
"The opportunities outstrip the challenges we face.
"We are the number one investor in Russia. In turn, London is the financial centre of choice for Russian business and we want to build on that.
"Our relationship is robust. Where there have been difficulties, we need to talk frankly as partners. Open and liberalised markets are in both our and Russia's business interests. That is the case I will be making this week."
Bilateral trade has trebled over the last five years, growing over 20% a year, and Britain is the number one investor in Russia ( $5.5bn invested in the first 9 months of 2006 alone ). London is the financial centre of choice for Russian business. Over $4bn in IPOs in 2005 rising to over $15bn in 2006. With a further 30 or so planned in 2007. He will be joined by companies in the oil/gas, steel, legal, finance, electricity, construction, mining, and aerospace sectors, including firms such as BP, Shell, HSBC, KPMG, JCB, Rolls Royce, Rio Tinto, and Unilever.
In talks with Minister Kudrin he will place emphasis on the opportunities for business in both countries and look at how the High-level commission on Trade and Investment can work better.
On energy, together with Minister Khristenko he will re-invigorate the Russo-British Energy Dialogue during his visit through the creation of a Britain-Russia Energy Forum.
This visit kicks off a series of trade/economic-related visits from Britain to Russia in 2007. The Lord Mayor of London visits Moscow and St Petersburg from 1-5 April.
Andrew Cahn, chief executive of UK Trade & Investment, the UK Government's international business development organisation is scheduled to visit in June this year. There is also the possibility of a trade-focused visit by a member of the British Royal Family in 2007.
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