Russia and Africa have significant potential to expand their bilateral trade, which could reach approximately $50 billion by the end of the decade, according to Sergey Katyrin, President of the Russian Chamber of Commerce and Industry (CCI).
“Over the past five years, Russia's trade turnover with African countries has grown by over 60%—from $16.8 billion to $27.7 billion. This impressive growth trajectory gives us confidence that the figure will reach around $50 billion by the end of the decade,” Katyrin stated in an interview with TASS.
He explained that this expansion has been driven primarily by increased supplies of food products, mineral fertilizers, energy resources, as well as machinery and chemical products. Current growth areas include agricultural technology, agricultural raw material processing, logistics, and construction. Katyrin also noted the increasing use of national currency settlements, which helps make trade more resilient to external fluctuations.
“We see growing demand for Russian goods and technologies. African markets require infrastructure development in mining, digitalization, nuclear and hydropower—areas where Russia possesses substantial experience and expertise. This transition toward comprehensive industrial and technological projects represents the next phase of our growth,” emphasized the CCI head.
He described the African continent as not just a future market, but a zone of active economic growth today. “Our cooperation continues to develop steadily despite external challenges. We've established special investment mechanisms to support Russian companies operating in Africa, and we view positively the prospects for African institutions' interaction with BRICS, EAEU, and SCO. With 12 of the world's 20 fastest-growing economies located in Africa, this sends a compelling signal to investors,” Katyrin added.
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Based on materials from TASS