26 Jun 2020 18:05

German businesses to keep actively investing in Russian economy despite problems due to Covid-19 - expert

MOSCOW. June 26 (Interfax) - German businesses plan to secure a foothold on the Russian market and actively develop their activity there, Chairman of the Russian-German Chamber of Commerce Abroad (AHK) Matthias Schepp said.

"The fact that German businesses are continuing to show an active interest in the Russian market despite the measures for the fight against the spread of coronavirus infection introduced in Germany, Russia, and the whole world shows that this market retains its attractiveness, in spite of the serious political tension [in international relationships], sanctions, and global trade conflicts," said Schepp, whose comments Interfax received on Friday.

He said that apart from major German concerns, medium-sized businesses from the country were very much set on strengthening their positions in Russia.

"Primarily, this is family, medium-sized German enterprises, which traditionally conduct active business in Russia. They are thinking about the long-term perspective and are not scared by temporary crises," Schepp said.

He said that in 2018-2019, the volume of direct investments of German companies in the Russian economy had come to 5.4 billion euros altogether, which is one of the highest indicators since the fall of the Soviet Union.

"German business has already come through the challenges of crises in the biggest country in the world in terms of area, and can successfully overcome the present coronavirus crisis," Schepp said.