MIL OSI Translation. Region: Russian Federation –
German firms invested € 1.1 billion in the Russian economy in the first quarter of this year, despite the coronavirus pandemic and political tensions. This was announced on Monday by the German-Russian Chamber of Commerce on the eve of the XXIV St. Petersburg International Economic Forum (SPIEF), which will be held on June 2-5.
“The trend of a high level of German investment in Russia, which was evident in the days before the coronavirus, continues,” said the chairman of the board of the chamber, Matthias Schepp. “In addition to major projects such as Nord Stream 2, Linde gas processing plants, advanced Siemens train technology and Volkswagen’s large investments in its Russian factories, the investment boom in recent years has taken on a special form in the form of medium-sized and family-owned companies,” Shepp added. …
At the same time, it is noted that after record net direct investments of € 3.4 billion and € 2 billion, respectively, in 2018 and 2019, the trend did not change last year. This is mainly due to the crisis caused by the pandemic. “It is therefore gratifying that German investment in Russia is now picking up steam again shortly before the SPIEF, an important business forum in St. Petersburg, where the German economy is traditionally widely represented,” concluded Schepp.
In February 2020, the head of the Ministry of Industry and Trade of the Russian Federation Denis Manturov announced that German companies are ready to invest € 530 million in their production in Russia in the next year and a half. $ 20 billion
A source: TASS
EDITOR’S NOTE: This article is a translation. Apologies should the grammar and / or sentence structure not be perfect.