Novgorod Oblast plans to strengthen cooperation with Saudi Arabia, Iran, and India, focusing on energy, agriculture, digital technologies, and trade, the press service of the region’s Ministry of Investment Policy told TASS.
“In the current environment, many regions are seeking new opportunities to collaborate with friendly nations. Among the promising areas, Saudi Arabia and Iran offer partnership opportunities in energy and agriculture. Additionally, developing logistical ties with Turkmenistan and Uzbekistan could provide access to the Trans-Caspian route, facilitating trade. Vietnam and India, on the other hand, are appealing for digital technologies and startups, with business missions to these countries potentially fostering partnerships in the IT sector,” the ministry’s press service noted.
The ministry emphasized that Belarus and China remain key partners for the region. Cooperation in engineering and high technologies with these countries can further strengthen economic ties. “Lastly, Egypt is of interest as a market for agricultural products and consumer goods,” the ministry added. Key priorities in the region’s new export strategy include markets in Southeast Asia, North and Central Africa, Latin America, and the Gulf countries. Novgorod Oblast has also bolstered ties with Azerbaijan, Belarus, Kazakhstan, Uzbekistan, China, and Turkey. Expanding into new international markets, particularly in Asia and neighboring regions, has been facilitated by Novgorod entrepreneurs actively participating in international exhibitions, business missions, and establishing joint ventures and strategic partnerships.
“In 2024, Novgorod entrepreneurs participated in 30 international exhibitions across Russia, Kazakhstan, Uzbekistan, Belarus, India, and Armenia, as well as in seven business missions to Malaysia, Indonesia, Uzbekistan, Azerbaijan, Kazakhstan, China, and Iran. Additionally, video conferences were organized with Russian trade representatives in Iran, Uzbekistan, Brazil, Indonesia, Morocco, Vietnam, Azerbaijan, Armenia, and the UAE. Around 70 small and medium-sized enterprises from the region participated in these events,” the ministry noted.
Impact of Foreign Investor Departures
The ministry highlighted that the departure of foreign investors had minimal impact on the socio-economic status of the Novgorod Region. Several companies previously owned by European investors were acquired by Russian firms.
“At the beginning of 2023, there were 176 companies with foreign capital registered in the region, of which 72 were founded by European investors. By early 2024, the number of companies with foreign capital remained almost unchanged. Notably, several major enterprises in the region’s woodworking industry were acquired by Russian companies, with production subsequently resumed and continued,” the ministry concluded.
GSV "Russia - Islamic World"
Photo: Nikolai Bulykin/Creative Commons 4.0
Based on materials from TASS