Germany Plays a Vital Role In Developing Russian Markets
Published: May 18, 2004 (Issue # 969)
Germany has been the biggest Western trading partner of Russia since 1972. In 1997 it overtook Ukraine and became Russia's biggest trading partner altogether, according to the Moscow-based Delegation of German Industry and Commerce.
All types of German businesses are represented in Russia, including many small enterprises.
According to the Moscow-based Verband der Deutschen Wirtschaft's web site www.vdw.ru, Germany has been the No. 1 foreign investor in Russia in 2003, ahead of Cyprus, Britain and the United States.
Germany was the city's leading trading partner in 2003, according to a report by City Hall's external relations committee.
Trade turnover rose 16 percent last year to $1.025 billion with exports rising 3 percent and imports 19 percent.
Germany occupied first place among importing countries to the city with imports values at $841 million while exports lagged far behind at $184 million, putting Germany fourth among export destinations for goods from St. Petersburg.
Exports were as varied as bronze, timber, machine tools, aluminum, chemicals and ships while imports included fast moving consumer goods, vehicles, paper, cardboard and optical equipment.
Germany invested only $45 million in the city last year, maintaining a trend of decreasing investment since 2001. In 2000 the Germans invested $116.5 million or 10.2 percent of all foreign investment in the city, the report said.
At the beginning of last year, accumulated German investment was $158.1 million, with $119.4 million of this direct investment.
About 400 German companies are currently registered in the Northwest region and the community's life is focused on the House of German Business in St. Petersburg where regular meetings and seminars are held and information is exchanged.
150 YEARS OF SIEMENS
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