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German business predicts growth in investment in Russia

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The German-Russian Chamber of Commerce expects the situation to improve in 2021 after the collapse in the coronavirus 2020. German machine builders also look forward to expanding business ties with Russia.

German business predicts growth in investment in Russia

The German-Russian Chamber of Commerce (AHK) predicts an increase in investment by German enterprises in Russia in 2021. AHK looks forward to catching up in investment following the 2020 coronavirus lockdown crash, the House said in a message released Thursday, May 13.

As follows from this document, the volume of exports to Russia increased in March compared to February by 11.3%, and imports - by 13.6% to almost 2.5 billion euros in both cases.

"This is an encouraging sign that German-Russian trade, despite the difficult political situation, sanctions and the coronavirus, is once again heading for recovery," said AHK head Rainer Seele.

Russia is one of the 15 largest trading partners of Germany, however, after a record 2018, the volume of German investments in Russia is declining.

The Association of German Engineering and Industrial Equipment Manufacturers (VDMA) also forecasts expansion of business ties with Russia. The global industrial recovery is increasingly improving the mechanical engineering situation, especially in the BRIC countries of Russia, Brazil, India and China, the VDMA said. The current situation and business outlook for the next six months are mostly assessed as positive.

The Federal Statistical Office reported an overall strong increase in German exports in March. Exports from Germany to China, as well as to Poland, the Czech Republic and Slovakia, grew even more significantly than to Russia.

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