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Denis Manturov: The Economic Sphere Is The Basis For Continuing Constructive Dialogue Between Russia And The United States

 October 26, 2017 Minister of Industry and Trade of the Russian Federation Denis Manturov paid a working visit to the United States of America (New York).

During the visit, Denis Manturov held a number of business meetings with representatives of American business, and delivered a speech at the Annual Meeting of the US-Russia Business Council.

In his speech, the Minister noted that it is the economic sphere that remains the basis for the continuation of constructive dialogue between Russia and the United States.

According to Denis Manturov, for 7 months of 2017 the growth of trade turnover between Russia and the United States is observed at the level of 20%. In addition, the United States currently is one of the six largest trading partners in Russia. There is also a revival of investment activity.

During the first quarter of this year the inflow of US direct investment in our country amounted to 335 million US dollars, despite the fact that for all of last year, there were slightly more than $ 400 million  -

Minister said

In his speech, the head of the Ministry of Industry and Trade of the Russian Federation singled out a number of sectors in which the Russian-American partnership is being strengthened. Including - a high-tech sector, sectors based on natural resources, metallurgy, oil and gas sector.

Despite sanctions measures, new global projects such as General Electric, Ford, Caterpillar, Pfizer, Abbott, Medtronic, Procter & Gamble and MARS began to implement new projects in Russia. In addition, Russia remains one of the key suppliers in the US of metallurgical products. So, last year the import of primary aluminum from Russia covered 13% of the total demand of the American market. Russian companies are actively involved in US service and engineering contractors in the implementation of projects for the extraction and processing of hydrocarbons, and, particularly important is the development of a strategic partnership of large companies in the projects for the formation of joint competence centers.

According to Denis Manturov, today there is an intensification of cooperation between Russia and the United States, which is largely due to the return of the Russian economy to the regime of sustainable growth. The Minister noted that the domestic market has fully adapted to the new realities, and sanctions have accelerated the process of building up key technological competencies within the country.

The head of the Ministry of Industry and Trade of the Russian Federation said that active work is now under way to introduce a wide range of investment support instruments with long-term guarantees and preferences, including access to participation in public procurement.

Foreign, including American enterprises, along with the Russian can use the benefits available to residents of special economic zones, territories of priority development, industrial parks, participants of special investment contracts  -

said the Minister.

Particular emphasis in this part is on the development of the institute of special investment contracts, and products produced under the SPIC receive the status of Russian and can be considered for public procurement purposes. At the moment, Russia has signed 12 SPICs, including companies from Germany, Sweden and France.

We see the prospect of a Spica, at least seven projects which will be implemented with the participation of US companies  -

said Denis Manturov .

In addition, the Minister noted that the diversification of Russia's industrial partnership and the development of cooperation ties with the member countries of the EEMP, BRICS, APEC, ASEAN, MERCOSUR, and the states of the Persian Gulf continue It is a question of local joint projects, as well as the creation of free trade zones, and the formation of Russian industrial zones in the territories of participants of these large integration associations.

Also, the head of the Ministry of Industry and Trade of the Russian Federation drew attention to the fact that this course will continue regardless of the change in the geopolitical conjuncture.

At the end of his speech, Denis Manturov expressed the hope that the members of the US-Russia Business Council will, by virtue of their capabilities, help to normalize relations between Russia and the United States, which is of interest to both business and ordinary citizens engaged in joint mutually beneficial projects.



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