Tuesday, 17 Apr 2012
17 April 2012
UK Trade & Investment highlights exciting business opportunities in Russia
Topics under discussion include the high value opportunities in Russia, the latest trends in the Russian machine-tool industry, aerospace and automotive developments and how to do business in Russia. There will also be networking opportunities for UK companies with the speakers.
Russia is one of twenty priority high growth and emerging markets identified by UK Trade & Investment. UK goods exports to Russia in 2011 increased by 39% from 2010, and totalled £4.87 billion.
Nick Baird, UK Trade & Investment CEO said:
“Russia is one of the UK’s fastest-growing major export markets. Over 600 UK companies currently have a presence in Russia with oil and gas, and heavy engineering important sectors for the UK. The Russian Government has declared that by 2020 two thirds of the components for these industries must be made in Russia, not imported - and is taking measures to achieve that goal. This is the context in which many important new opportunities are arising for British firms. UK Trade & Investment is ready to help companies with market research, contact-making and providing advice about the kinds of challenges that businesses may face.”
Janet Tingle, UK Trade & Investment’s Head of Engineering added:
“Russia is internationalising: adopting international standards, encouraging international partnerships and investing into Western technology across the advanced engineering sector. Over the next 10 years the Russian automotive market is set to reach at least 3 million vehicles per annum making it the largest market in Europe. Likewise the civil aircraft market will maintain significant growth with leading industry experts forecasting that more than 1,000 new civil airliners will be needed over the next 20 years. There are prime opportunities for UK companies and the good news for Russia is that competition to serve the market is only likely to intensify over the coming years.”
UK Trade & Investment’s commercial officers from Russia will also participate at the event to outline how UK Trade & Investment can assist UK companies export to Russia. UK Trade & Investment support will enable UK companies to listen to various presentations from Russian experts as well as providing market opportunity information to UK companies which they would otherwise not receive and to highlight follow-up opportunities. For example, memory sticks with market reports will be issued to participants.
MACH is the established showcase for the UK manufacturing industry designed to promote its interests to a worldwide audience. MACH 2012 takes place from 16 until 20 April at the NEC Birmingham.
Notes to editors
UK Trade & Investment (UKTI) is the government department that helps UK-based companies succeed in the global economy. We also help overseas companies bring their high quality investment to the UK’s economy - acknowledged as Europe’s best place from which to succeed in global business. UKTI offers expertise and contacts through its extensive network of specialists in the UK, and in British embassies and other diplomatic offices around the world. We provide companies with the tools they require to be competitive on the world stage. For more information on UKTI, visit www.ukti.gov.ukor telephone +44 (0)207 215 8000. For latest press releases, visit the online newsroom at www.ukti.gov.uk/media.
Russia Key facts:
Russia is the UK’s third-largest export market outside Europe and North America. Bilateral trade with Russia has grown from £8.6 bn to over £12bn in the last year.
Goods exports to Russia increased by 39% from 2010-2011 – the biggest increase in the UK’s top 40 export markets. Russia moved up to 15th position as export market (from 18th), now ahead of Poland, UAE and Japan. UK exports have doubled between 2009 and 2011 from £2.3bn to £4.8bn
The main exports are in manufactured goods. Exports of road vehicles grew by 60% in 2011. The second largest export is medical and pharmaceutical products and the third is specialised industrial machinery.
For more information from UK Trade & Investment, please contact Benno Hilton at on 020 7215 4218 or e-mail firstname.lastname@example.org.