III РОССИЙСКО-БРИТАНСКИЙ БИЗНЕС ФОРУМ
The Russian-British Business Forum responds to the need to develop bilateral dialogue and support trade and investment projects in the new economic environment. RBBF is organised as part of Eastern Seasons Week 2017
29 NOVEMBER, LONDON
Queen Elizabeth II Conference Centre

SYNERGY FOR GROWTH
press release
Trade between Russia and the United Kingdom could double in the next five years
London, 29 November 2017 — The Third Russian-British Business Forum was held in London on 28−29 November, organised by the Ministry of Economic Development of the Russian Federation, the Trade Delegation and Embassy of the Russian Federation in the UK with the support of Russian and international partners to discuss the development of trade and investment relations between the two countries.
Forum participants included His Royal Highness Prince Michael of Kent, State Secretary-Deputy Minister for Economic Development of the Russian Federation Oleg Fomichev, President of the Republic of Tatarstan Rustam Minnikhanov, Presidential Commissioner for Entrepreneurs' Rights Boris Titov, representatives of the House of Lords and the House of Commons, representatives of specialized authorities and business associations and leaders of Russian and British companies.

According to forecasts presented during the forum, in 2017 business activity between Moscow and London will continue its gradual recovery, with trade turnover between the countries increasing by more than 20% to exceed US$ 12 billion. In 2017, there has been a trend of diversification of both Russian exports to the UK and British imports to Russia.

"In 2017, business within the two countries continued to adapt to the new reality, and trade and economic relations are now developing. If the current macroeconomic indicators remain on the same level and the potential for trade and investment cooperation is realised, trade turnover between Russia and the UK may double in the next five years", explained Oleg Fomichev.

"2017 has seen a continuation of Russia’s trade surplus with the UK — Russia sells to Britain 1.7 times more goods and services than Britain sells to Russia. At the end of 2017, this figure will be more than $ 4 billion", added Boris Abramov, Trade Representative of the Russian Federation in the UK.

Over the first 9 months of 2017 Russian exports to the UK increased by 29.4% to US$ 6.5 billion compared to the 9 months of 2016. Russia’s non-energy exports to the UK are growing steadily, amounting to US$ 3.1 billion (48.5% of exports). At the same time, demand for chemical products almost doubled (3.7% of exports), while demand for various Russian mineral products increased by a factor of nearly 1.5 (71.5% of exports). Demand for Russian metals and products made from them increased by 15.3% (3.2% of exports), while exports of precious metals and stones almost doubled (17.4% of exports).

Imports from the UK, based on the results of the first 9 months of 2017, increased by 18.7% compared to the same period in 2016. In connection with the revival of industrial production in Russia, demand for British machinery and equipment continued to grow (48.9% of imports), where growth reached 21%. The share of chemical products in the import structure is 34.1%. Third place goes to food products and agricultural raw materials (8.9% share).

The UK retains its place among the top three in trade in services among all Russia’s partner countries (financial, transport, IT, consulting and other services). According to the Bank of Russia, the turnover of Russian-British trade in services is growing steadily, and over 6 months in 2017 increased by 15.8% to US$ 3.6 billion.
Oleg Fomichev
State Secretary — Deputy Minister of Economic Development of the Russian Federation
"In 2017, business activities between Russia and the UK have begun to recover. Today, we are expanding the agenda again, creating the conditions for the growth of trade and investment. Prospects for the new directions are opening up before us, and innovative projects and cooperation in terms of small and medium-sized businesses are taking on greater importance"
Boris Titov
Presidential Commissioner for Entrepreneurs' Rights
"Today, many Russian business representatives are interested in finding export opportunities and looking for partners abroad on the one hand, while on the other, there is a need to enhance labour productivity and improve competitiveness, which means developing technology transfer, acquiring new knowledge, finding new ideas and ways to put them into practice. The best way to make this happen is by strengthening contacts with representatives of the world's leading economies. London, as one of the world's major financial centres, provides excellent opportunities in this respect. In addition, the UK's withdrawal from the European Union is providing a new impetus to foreign economic relations with Russia, which means we can see additional opportunities for dialogue between Russian and British entrepreneurs"
Rustam Minnikhanov
President of the Republic of Tatarstan
"Today, the Republic of Tatarstan provides significant opportunities for international cooperation. The openness of our region, combined with stable, profitable and transparent working conditions, makes business and investment climate of Tatarstan both sustainable and attractive. In energy, IT, engineering, light and food industry, medicine and other sectors with international partners, a large reserve has already been created and there are promising new areas of growth. Traditionally, relations with British colleagues are of special importance for us. I am confident that such events as the Russian-British Business Forum contribute to the developing our relations and achieving their great potential in terms of trade, investment and research activities"
Boris Abramov
Trade Representative of Russia in the UK
"2017 has seen growth in trade between Russia and the UK for the first time since the three-year recession. It is too early to say that all negative trends are a thing of the past, but the positive dynamics found in our trade and economic relations, together with the fact that we share a mutual interest in many industries, demonstrates the necessity for and potential of increasing cooperation

We expect that the Third Russian-British Business Forum, as an open platform for dialogue, will make a significant contribution towards creating an atmosphere of trust and understanding today, and will help lay the foundation for effective cooperation post-BREXIT"
HE Dr. Alexander Yakovenko
Ambassador of the Russian Federation to the United Kingdom
"The capacity for economic cooperation between Russia and the UK is much greater than the current level of exchange in terms of goods and services. Russian businessmen with their ideas are aimed at entering the British market, while British business and investments in return strive to make inroads into Russian Federation. A good platform for such collaboration has been formed throughout the long history of bilateral relations. I strongly believe that long-term economic interests of both states will prevail over current British policy towards Russia that puts a limit on joint mutually beneficial development of the two world’s leading economies. That is why we promote a systematic dialogue between government officials and business representatives, and see the plenty of interest from our British partners in return"
Roger Munnings CBE
Chairman of the Board of Directors, Russo-British Chamber of Commerce
"A probably unforeseen outcome of US and European sanctions against the Russian Federation has been to stimulate an acceleration of the modernisation of the Russian economy and, together with lower oil prices, a diversification away from its traditional economic pillars of oil and gas and metals and minerals production

Within the sanctions regimes, there are numerous opportunities for profitable investment and trade with Russia in assisting with these developments for foreign companies with the right competencies, experience and skills"
Lord Waverley
House of Lords, London
"The United Kingdom's private sector post BREXIT will be required to create competitive advantage in new markets, and to deepen existing. Russian imports stood at $ 102bn in the first half of 2017, Russia's first full-recovery year. The UK can come alongside Germany and the Netherlands in its share. Understanding of the issues and opportunities is therefore essential

The upcoming Russian-British Business Forum presents the UK's private sector with the chance to engage, address challenges, and in doing so allow Government to build on a new tier of constructive dialogue in an important bilateral relationship"
Anton Alikhanov
Governor of the Kaliningrad Region of the Russian Federation
"Today, the development of trade and investment cooperation with the UK's business community is an important task for the Kaliningrad region. A favourable geographical position, many years of experience of working with European partners and the Special Economic Zone regime, which provides attractive tax breaks and customs preferences, create some excellent opportunities for the development of new business in the region. In turn, the region is interested in cooperating with British businesses in the multifaceted development of the services sector and investment cooperation in promising transport, industrial and infrastructure projects"
Gary O'Grady
CEO, Blackthorne International Transport Ltd.
"It's clear Russo British business will now start to see significant growth over the next couple of years and there is no market more important to make a land grab in early. The Russian-British Business Forum is a key event in the year to make your presence known and to stay up to date with the development of economic relations between our countries"
Trade turnover between Russia and the UK in 2016. There is a tendency for it to increase in 2017
10,4
BILLION
The volume of the service trade market between Russia and the UK, based on business services, transport, tourism and IT services
6,7
BILLION
The volume of Russian cumulative investment in the UK in 2016
10
BILLION
MORE THAN
The volume of British cumulative investment in Russia in 2016
13
BILLION
MORE THAN
Trade and economic relations between Russia and the UK
More than 600 British companies operate in Russia today. These include ВР, BAT, Unilever and Royal Dutch Shell
Over 100 Russian companies, including Sberbank of Russia, Aeroflot Russian Airlines and PhosAgro increase their cooperation with the British commercial sector year on year
$
$
$
$
Economic sectors
Financial
services
Sport
and tourism
IT
Retail
Medicine and pharmaceuticals
FinTech
Industrial
production
Energy, oil and gas
and natural resources
Agriculture
The Russian-British Business Forum responds to the need to develop bilateral dialogue and support trade and investment projects in the new economic environment. RBBF is organised as part of Eastern Seasons Week 2017
29 NOVEMBER, LONDON
Queen Elizabeth II Conference Centre

SYNERGY FOR GROWTH
Organisers and Partners
press release
Trade between Russia and the United Kingdom could double in the next five years
London, 29 November 2017 — The Third Russian-British Business Forum was held in London on 28−29 November, organised by the Ministry of Economic Development of the Russian Federation, the Trade Delegation and Embassy of the Russian Federation in the UK with the support of Russian and international partners to discuss the development of trade and investment relations between the two countries.
Forum participants included His Royal Highness Prince Michael of Kent, State Secretary-Deputy Minister for Economic Development of the Russian Federation Oleg Fomichev, President of the Republic of Tatarstan Rustam Minnikhanov, Presidential Commissioner for Entrepreneurs' Rights Boris Titov, representatives of the House of Lords and the House of Commons, representatives of specialized authorities and business associations and leaders of Russian and British companies.

According to forecasts presented during the forum, in 2017 business activity between Moscow and London will continue its gradual recovery, with trade turnover between the countries increasing by more than 20% to exceed US$ 12 billion. In 2017, there has been a trend of diversification of both Russian exports to the UK and British imports to Russia.

"In 2017, business within the two countries continued to adapt to the new reality, and trade and economic relations are now developing. If the current macroeconomic indicators remain on the same level and the potential for trade and investment cooperation is realised, trade turnover between Russia and the UK may double in the next five years", explained Oleg Fomichev.

"2017 has seen a continuation of Russia’s trade surplus with the UK — Russia sells to Britain 1.7 times more goods and services than Britain sells to Russia. At the end of 2017, this figure will be more than $ 4 billion", added Boris Abramov, Trade Representative of the Russian Federation in the UK.

Over the first 9 months of 2017 Russian exports to the UK increased by 29.4% to US$ 6.5 billion compared to the 9 months of 2016. Russia’s non-energy exports to the UK are growing steadily, amounting to US$ 3.1 billion (48.5% of exports). At the same time, demand for chemical products almost doubled (3.7% of exports), while demand for various Russian mineral products increased by a factor of nearly 1.5 (71.5% of exports). Demand for Russian metals and products made from them increased by 15.3% (3.2% of exports), while exports of precious metals and stones almost doubled (17.4% of exports).

Imports from the UK, based on the results of the first 9 months of 2017, increased by 18.7% compared to the same period in 2016. In connection with the revival of industrial production in Russia, demand for British machinery and equipment continued to grow (48.9% of imports), where growth reached 21%. The share of chemical products in the import structure is 34.1%. Third place goes to food products and agricultural raw materials (8.9% share).

The UK retains its place among the top three in trade in services among all Russia’s partner countries (financial, transport, IT, consulting and other services). According to the Bank of Russia, the turnover of Russian-British trade in services is growing steadily, and over 6 months in 2017 increased by 15.8% to US$ 3.6 billion.
Oleg Fomichev
State Secretary — Deputy Minister of Economic Development of the Russian Federation
"In 2017, business activities between Russia and the UK have begun to recover. Today, we are expanding the agenda again, creating the conditions for the growth of trade and investment. Prospects for the new directions are opening up before us, and innovative projects and cooperation in terms of small and medium-sized businesses are taking on greater importance"
Boris Titov
Presidential Commissioner for Entrepreneurs' Rights
"Today, many Russian business representatives are interested in finding export opportunities and looking for partners abroad on the one hand, while on the other, there is a need to enhance labour productivity and improve competitiveness, which means developing technology transfer, acquiring new knowledge, finding new ideas and ways to put them into practice. The best way to make this happen is by strengthening contacts with representatives of the world's leading economies. London, as one of the world's major financial centres, provides excellent opportunities in this respect. In addition, the UK's withdrawal from the European Union is providing a new impetus to foreign economic relations with Russia, which means we can see additional opportunities for dialogue between Russian and British entrepreneurs"
Rustam Minnikhanov
President of the Republic of Tatarstan
"Today, the Republic of Tatarstan provides significant opportunities for international cooperation. The openness of our region, combined with stable, profitable and transparent working conditions, makes business and investment climate of Tatarstan both sustainable and attractive. In energy, IT, engineering, light and food industry, medicine and other sectors with international partners, a large reserve has already been created and there are promising new areas of growth. Traditionally, relations with British colleagues are of special importance for us. I am confident that such events as the Russian-British Business Forum contribute to the developing our relations and achieving their great potential in terms of trade, investment and research activities"
Boris Abramov
Trade Representative of Russia in the UK
"2017 has seen growth in trade between Russia and the UK for the first time since the three-year recession. It is too early to say that all negative trends are a thing of the past, but the positive dynamics found in our trade and economic relations, together with the fact that we share a mutual interest in many industries, demonstrates the necessity for and potential of increasing cooperation

We expect that the Third Russian-British Business Forum, as an open platform for dialogue, will make a significant contribution towards creating an atmosphere of trust and understanding today, and will help lay the foundation for effective cooperation post-BREXIT"
HE Dr. Alexander Yakovenko
Ambassador of the Russian Federation to the United Kingdom
"The capacity for economic cooperation between Russia and the UK is much greater than the current level of exchange in terms of goods and services. Russian businessmen with their ideas are aimed at entering the British market, while British business and investments in return strive to make inroads into Russian Federation. A good platform for such collaboration has been formed throughout the long history of bilateral relations. I strongly believe that long-term economic interests of both states will prevail over current British policy towards Russia that puts a limit on joint mutually beneficial development of the two world’s leading economies. That is why we promote a systematic dialogue between government officials and business representatives, and see the plenty of interest from our British partners in return"
Roger Munnings CBE
Chairman of the Board of Directors, Russo-British Chamber of Commerce
"A probably unforeseen outcome of US and European sanctions against the Russian Federation has been to stimulate an acceleration of the modernisation of the Russian economy and, together with lower oil prices, a diversification away from its traditional economic pillars of oil and gas and metals and minerals production

Within the sanctions regimes, there are numerous opportunities for profitable investment and trade with Russia in assisting with these developments for foreign companies with the right competencies, experience and skills"
Lord Waverley
House of Lords, London
"The United Kingdom's private sector post BREXIT will be required to create competitive advantage in new markets, and to deepen existing. Russian imports stood at $ 102bn in the first half of 2017, Russia's first full-recovery year. The UK can come alongside Germany and the Netherlands in its share. Understanding of the issues and opportunities is therefore essential

The upcoming Russian-British Business Forum presents the UK's private sector with the chance to engage, address challenges, and in doing so allow Government to build on a new tier of constructive dialogue in an important bilateral relationship"
Anton Alikhanov
Governor of the Kaliningrad Region of the Russian Federation
"Today, the development of trade and investment cooperation with the UK's business community is an important task for the Kaliningrad region. A favourable geographical position, many years of experience of working with European partners and the Special Economic Zone regime, which provides attractive tax breaks and customs preferences, create some excellent opportunities for the development of new business in the region. In turn, the region is interested in cooperating with British businesses in the multifaceted development of the services sector and investment cooperation in promising transport, industrial and infrastructure projects"
Gary O'Grady
CEO, Blackthorne International Transport Ltd.
"It's clear Russo British business will now start to see significant growth over the next couple of years and there is no market more important to make a land grab in early. The Russian-British Business Forum is a key event in the year to make your presence known and to stay up to date with the development of economic relations between our countries"
Trade turnover between Russia and the UK in 2016. There is a tendency for it to increase in 2017
10,4
BILLION
The volume of the service trade market between Russia and the UK, based on business services, transport, tourism and IT services
6,7
BILLION
The volume of Russian cumulative investment in the UK in 2016
10
BILLION
MORE THAN
The volume of British cumulative investment in Russia in 2016
13
BILLION
MORE THAN
Trade and economic relations between Russia and the UK
More than 600 British companies operate in Russia today. These include ВР, BAT, Unilever and Royal Dutch Shell
Over 100 Russian companies, including Sberbank of Russia, Aeroflot Russian Airlines and PhosAgro increase their cooperation with the British commercial sector year on year
$
$
$
$
Economic sectors
Financial
services
Sport
and tourism
IT
Retail
Medicine and pharmaceuticals
FinTech
Industrial
production
Energy, oil and gas
and natural resources
Agriculture