MOSCOW, October 17. /TASS/. Russia and Africa could significantly increase their mutual trade to around $50 bln by the end of the decade, head of the Russian Chamber of Commerce and Industry Sergey Katyrin told TASS.
“Over the past five years, Russia’s trade turnover with African countries grew by more than 60%, from $16.8 bln to $27.7 bln. This is an impressive growth rate, and we are confident that by the end of the decade, this figure will reach around $50 bln,” he said.
Growth is driven primarily by expanded supplies of food, mineral fertilizers, energy, and mechanical engineering and chemical products, Katyrin said. Currently, areas related to agricultural technology, agricultural raw material processing, logistics, and construction are actively developing, he said, adding that the share of settlements in national currencies is increasing, which makes trade more resilient to external fluctuations.
The African continent today is not only a market of the future but also a zone of active economic growth, Katyrin said. “Cooperation between our countries is developing confidently, despite external constraints. A special investment mechanism has been launched to support Russian companies operating on the African continent. We highly value the prospects for interaction between African institutions and BRICS, the EAEU, and the SCO. Of the world’s 20 fastest-growing economies, 12 are in Africa, which is a compelling signal for investors,” he concluded.
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