British Business In Russia

Britain is one of the most important business partners of Russia. According to all available statistics, the UK surely ranks among the top four foreign investors. According to the volume of direct investments and securities Britain shares with Germany and Switzerland in second place, giving way to the U.S. A.

The biggest UK companies are in key sectors including energy, telecommunications, banking, trade and consumer goods, giving long-term commitment to the Russian market.Despite the economic difficulties the British companies continue trade and investment activity in Russia. It has a wide spectrum: from the supply of mining equipment to the sale of children's clothes, they work closely with local partners.

Obviously, in the interests of both countries, Russia and Britain, the volume of trade and investment must grow. For Russia, the UK business is a source of investment and expertise that can make a valuable contribution to reforming and reviving the economy. Britain is also a growing export market for Russian firms. For British companies Russia is potentially a huge market close to the UK.

In the Russian market operate a large number of British companies. Among them, for example are: "British Petroleum", "Rolls-Royce, British Nuclear Fuels", "Cadbury Schweppes".

In recent years British businessmen show interest to the region. Particularly noticeable their presence is in St. Petersburg, Nizhny Novgorod, Yekaterinburg.The British are very carefully watching the development of the financial situation in Russia.

Foreign Relations of St. Petersburg and the UK, for example, are characterized by steady growth. British firms are among the largest investors in the economy of St. Petersburg (4 place after the USA, Finland, Austria).

Throughout Russia British companies are representing a wide range of industries. The UK remains among the biggest investors in the Russian market. Recent financial and economic problems hinder the work of British companies in Russia, but most have not lost confidence in the fact that the Russian market remains difficult and promising in its development is still worth investing capabilities.

The British government will make efforts for British business in Russia could develope, but Russia itself should able to catch up with world standards of business due to WTO accession.

The latter said Vince Cable, the British Minister of State for Business who visited Moscow on Nov. 25, 2010.

UK companies show interest in the innovation project Skolkovo. As reported by Interfax, the great interest of a number of British firms to participate in this project was discussed at a meeting of Russian President Dmitry Medvedev and British Prime Minister David Cameron in November 2010.

A source in the delegation of the British prime minister told reporters that during the meeting voiced the following phrase: "despite the desire of England to create a similar object, a number of British companies have expressed their desire to participate in the construction of this progect Scolkovo in Russia."

Earlier, British Prime Minister David Cameron said that in east London there will be created an analogue of the U.S Silicon Valley  - a cluster that brings together the giants of IT-industry.