Russian trade mission aims for export boost
British firms are being urged to explore new trade opportunities with
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Trade and Investment Minister Lord Green and CBI Director-General John Cridland are leading a mission of 25 mid-sized businesses to help to strengthen business ties and offer a potential boost to
They will visit
Trade and Investment Minister Lord Green said:
“The London Olympics this year showed the
“With this trade mission we are targeting new export opportunities for
John Cridland, CBI Director-General, said:
“Opportunities for British business abound in this fast growing market, from energy to life sciences to helping deliver the major sporting tournaments that
“We’ve identified a potential £30 billion export prize by 2020 if the
Russia is a significant trading partner for British businesses, with more than 600 UK companies already operating there and UK exports totalling £5 billion. In the last two years, the value of British goods exported to
Notes for editors
- The trade mission to
Russiawill take place over 26 – 29 November and will be led by Trade and Investment Minister, Lord Green, and John Cridland, Director-General of the CBI. The mission is taking 25 UKbased businesses and will focus its efforts to strengthen the understanding of the commercial environment in Russiaand boost trade and investment links. Updates on the visit, including the latest news, video clips, interviews and blogs will be able to be found via the UK Trade & Investment (UKIT) website www.ukti.gov.uk and on www.cbi.org.uk
- This mission follows the Prime Minister’s visit to
Moscowin September 2011, in which he led a delegation of 24 UKcompanies.
- The mission brings together the UKTI and the CBI to improve the performance of mid-sized businesses, announced as part of the Autumn Statement last year. Lord Green and John Cridland led the first mid-sized business trade mission to
Turkeyin April 2012. Britain’s mid-sized business sector (those with an annual turnover between £25-£500 million) represent 0.2% of UKfirms, but accounts for around one fifth of private-sector employment and turnover.
- UKTI defines
Russiaas a high growth emerging market. Russiais now the UK’s 11th biggest export market. UKexports to Russiatotalled £4.8 billion in 2011, and are increasing faster than exports to any other country in the UK’s top 40 export markets.
- Specific ‘High Value Opportunities’ include the 2014 Winter Olympics; the 2018 FIFA World Cup; the Skolkovo Innovation Hub; Russia’s aspirations for Moscow to become an International Financial Centre; and Russia’s railways modernisation programme.