British firms are being urged to explore new trade opportunities with the UK’s fastest growing major export market.
The call came as Trade and Investment Minister Lord Green and CBI director-general John Cridland led a trade mission to Russia, including visits to Moscow and St Petersburg. The trip, involving 25 mid-sized businesses, took place from 26-29 November.
Lord Green said: “Russia is our fastest growing major export market and, with 140 million consumers looking for quality British products and services, it offers great opportunities for British businesses. Important steps such as Russia’s accession to the World Trade Organisation are making it easier for British firms to do business there.
“We’re keen to make strides in reaching our target to get another 100,000 UK firms exporting by 2020, helping to secure long-term and sustainable economic growth.”
More than 600 UK companies are already operating in Russia and UK exports for 2012 are on course to total £5 billion. In the last two years, the value of British goods exported to Russia has increased by over 80 per cent and this is expected to grow further as Russia opens its economy up to more international trade and investment.
Russia is already the UK’s 11th biggest export market and UK exports there are increasing faster than to any other country in the UK’s top 40 export markets.
Business areas offering particularly strong opportunities in Russia include the clothing, footwear and accessories market and giftware, from tableware and high quality jewellery to home decoration items.
The Russian food and drink market is the fastest growing market in Europe, with up to 70 per cent made up of imports, with particular opportunities for producers and retailers of specialist food and drinks, including organic foods, special dietary foods, convenience products, gourmet foods, and light alcoholic drinks.
As a member of global accountancy alliance MGI, Milsted Langdon is well placed to advise companies looking to do business overseas. We also have particular expertise in the area of international tax. For further information, please contact us.
Link: Exporting to Russia