Russian Prime Minister Mikhail Mishustin said his country had shifted its trade routes from Europe and the United States toward the markets of China, India, Central Asian countries, Africa and the Middle East.
In a video message to participants of the 11th Moscow Financial Forum, Mishustin said this shift had produced results. In the first half of the year, Russia’s trade with these partners reached approximately 25 trillion rubles.
Russia’s exports rose by 15 percent compared with the same period last year, while friendly countries’ share of the country’s foreign trade reached 85 percent. Non-commodity and non-energy exports to these countries also increased by 11 percent, approaching approximately 6 trillion rubles.
Focus on infrastructure and domestic products
Mishustin said the government was developing the supply-side economy and placing particular emphasis on promoting domestic products and brands in foreign markets. He noted that the necessary infrastructure was being established not only in Russia but also in the territories of friendly countries.
Long-term financing for a new investment cycle
The Russian prime minister said that at a meeting on strategic development and national projects held at the end of the summer, the president had set the goal of launching a new investment cycle.
In line with this goal, long-term financing conditions are being created so that investments can be made over much longer periods rather than being limited to one or two years. Mishustin said these savings would build capital for citizens’ children’s education, home purchases and life after retirement.
The 11th Moscow Financial Forum will be held on September 21 at the Manege Central Exhibition Hall in Moscow.