Menu
19/04/2004
Business urged to seize opportunities in Russia
British businesses have been urged not to miss the boat and to seize the attractive business opportunities on offer in Russia.
Trade and Industry Secretary Patricia Hewitt today challenged businesses to show foresight and grasp the opportunities of a "prosperous, stable and outward-looking Russia".
Speaking at the Russian Economic Forum in London, Ms Hewitt warned an audience, which included the Russian Deputy Prime Minister Alexander Zhukov, Russian Finance Minister Aleksei Kudrin, Supachai Panitchpakdi, Director General of the WTO and CBI chief Digby Jones, that Britain could not afford to miss the boat as happened during the expansion of China.
"Global reach and foresight are vital tools in the modern economy, with increased trade and openness. And whilst history has blessed us with global reach, our foresight has sometimes been found lacking," she said.
"Take China, the most populous nation in the world, set to be the largest economy in the world in a generation. Ten years ago, it's potential for growth was clear. But we missed the boat. As a result, Germany now exports eight times as much to China as we do.
"We're catching up now. But I'm determined that this won't happen again. And Russia shows every sign of being the next China. I want Britain to have seats on the plane before it takes off."
Ms Hewitt said that UK Trade and Investment and the British Embassy in Moscow would be able to offer advice and assistance to British businesses exploring partnerships or investment in Russia.
Over 400 British companies currently operate in Russia, including large companies ranging from Cadburys, Scottish & Newcastle, Shell, GlaxoSmithKline and Unilever.
Last year UK exports to Russia rose by 43%, and were worth a total of £1.4 billion – their highest level ever. Imports from Russia also rose substantially last year, by 24%.
(gmcg)
Trade and Industry Secretary Patricia Hewitt today challenged businesses to show foresight and grasp the opportunities of a "prosperous, stable and outward-looking Russia".
Speaking at the Russian Economic Forum in London, Ms Hewitt warned an audience, which included the Russian Deputy Prime Minister Alexander Zhukov, Russian Finance Minister Aleksei Kudrin, Supachai Panitchpakdi, Director General of the WTO and CBI chief Digby Jones, that Britain could not afford to miss the boat as happened during the expansion of China.
"Global reach and foresight are vital tools in the modern economy, with increased trade and openness. And whilst history has blessed us with global reach, our foresight has sometimes been found lacking," she said.
"Take China, the most populous nation in the world, set to be the largest economy in the world in a generation. Ten years ago, it's potential for growth was clear. But we missed the boat. As a result, Germany now exports eight times as much to China as we do.
"We're catching up now. But I'm determined that this won't happen again. And Russia shows every sign of being the next China. I want Britain to have seats on the plane before it takes off."
Ms Hewitt said that UK Trade and Investment and the British Embassy in Moscow would be able to offer advice and assistance to British businesses exploring partnerships or investment in Russia.
Over 400 British companies currently operate in Russia, including large companies ranging from Cadburys, Scottish & Newcastle, Shell, GlaxoSmithKline and Unilever.
Last year UK exports to Russia rose by 43%, and were worth a total of £1.4 billion – their highest level ever. Imports from Russia also rose substantially last year, by 24%.
(gmcg)
Related UK National News Stories
Click here for the latest headlines.
11 May 2004
Chinese and UK companies sign billion-dollar trade deals
British companies BP, Shell, Kingfisher and B&Q (China) have today announced their new joint ventures in China with a total value of over US$1.5 billion.
Chinese and UK companies sign billion-dollar trade deals
British companies BP, Shell, Kingfisher and B&Q (China) have today announced their new joint ventures in China with a total value of over US$1.5 billion.
28 August 2013
UK National Security Hold Emergency Meeting Over Syria
An emergency meeting of the UK's National Security Council (NSC) is underway to discuss the ongoing situation in Syria and a possible response.
UK National Security Hold Emergency Meeting Over Syria
An emergency meeting of the UK's National Security Council (NSC) is underway to discuss the ongoing situation in Syria and a possible response.
27 October 2008
£23m Russian Olympic Contract Welcomed
A multi-million pound engineering contract that would supply diggers to prepare for the 2014 Winter Olympics in Russia, has been welcomed by Business Secretary Lord Mandelson. UK-based JCB and a Russian civil engineering contractor announced the £23 million contract on the second day of the Business Secretary's visit to Russia.
£23m Russian Olympic Contract Welcomed
A multi-million pound engineering contract that would supply diggers to prepare for the 2014 Winter Olympics in Russia, has been welcomed by Business Secretary Lord Mandelson. UK-based JCB and a Russian civil engineering contractor announced the £23 million contract on the second day of the Business Secretary's visit to Russia.
30 April 2013
UK To End South Africa Financial Aid
Britain is to end its direct financial support to South Africa by 2015. The UK bilateral development programme has been in operation for over twenty years since the end of apartheid, but will now be stopped, according to International Development Secretary Justine Greening.
UK To End South Africa Financial Aid
Britain is to end its direct financial support to South Africa by 2015. The UK bilateral development programme has been in operation for over twenty years since the end of apartheid, but will now be stopped, according to International Development Secretary Justine Greening.
12 August 2005
Yahoo forks out $1bn in Chinese e-deal
Web directory company Yahoo has forked out $1 billion for stake in Chinese e-commerce company Alibaba.com. The outfit is China's largest e-commerce firm and the deal will give Yahoo around a 40% economic interest with a 35% voting share making it the largest single investor in Alibaba.com.
Yahoo forks out $1bn in Chinese e-deal
Web directory company Yahoo has forked out $1 billion for stake in Chinese e-commerce company Alibaba.com. The outfit is China's largest e-commerce firm and the deal will give Yahoo around a 40% economic interest with a 35% voting share making it the largest single investor in Alibaba.com.
-
Northern Ireland WeatherToday:A showery start with outbreaks most frequent north of Lough Neagh and through the morning, before dwindling during the afternoon as the northwest breezes ease and brighter spells of weak sunshine prosper. Maximum temperature 8 °C.Tonight:A dry night, save for a few light showers around the coasts, with prolonged clear spells and light winds bringing a frosty dawn for many in central and southern parts. Minimum temperature -3 °C.
