Tatarstan President emphasizes the development of mutual trade with the UK at a business forum in London

On November 26, speaking at a plenary session of the fourth Russian-British Business Forum - a key Russian business event in London, aimed at developing business dialogue and supporting trade and investment projects, Tatarstan President Rustam Minnikhanov said that Tatarstan is open for mutually beneficial cooperation with Great Britain.

In his welcoming speech, Minnikhanov noted that the United Kingdom is one of the leading foreign economic partners of Tatarstan. At the end of 2017, trade turnover increased by 55 per cent and reached 340 million US dollars. It is gaining momentum and has exceeded 800 million US dollars in the first nine months of the current year.

“We supply oil and refined oil products, plastics, rubber, rubber products and other goods to the UK. In turn, Tatarstan purchases various equipment, technologies and a number of manufactured goods,” he said.

Tatarstan is interested in strengthening ties with the British business community. Regional enterprises and banks have direct contacts with English partners. They take part in exhibitions held in the UK, use advanced British technologies in manufacturing, Minnikhanov emphasized.

Minnikhanov noted the potential for interaction in such areas as energy and petrochemistry, automobile industry and automotive components manufacturing, aviation, IT, agro-industrial complex, engineering, medicine, etc.

“We are interested in attracting British business and capital to Tatarstan, will be happy to expand mutually beneficial cooperation and are ready to provide full assistance to your companies,” Tatarstan President added.

In order to develop cooperation in the area of high technologies, the presentations of products and solutions of Russian companies were held at the forum.

The Forum brought together over 800 participants and 50 high-ranking speakers representing business, government organizations and development institutions of the two countries. Experts predict that the trade turnover between Russia and the UK will increase and will amount to 14 billion US dollars by the end of 2018.