Apec business executives urged to invest in Russia
Russian businessmen urged industry leaders in member-countries of the Asia-Pacific Economic Cooperation (Apec) to consider investing in Russia.
Kiril Dmitriev, Russia’s representative in the Apec Business Advisory Council (Abac), said potential investors could tap the Russian Direct Investment Fund (RDIF)—a $10-billion fund established to make equity investments primarily in the Russian economy.
“One of the most important topics discussed at the Apec CEO Summit were the new opportunities emerging, as the Eurasian Economic Union [EEU] integrates with the promising markets of the Apec countries,” Dmitriev said in a statement.
The EEU is the economic-integration initiative of the Russian Federation, along with former Soviet Republics Kazakhstan, Belarus, Armenia and Kyrgyzstan. The trading bloc represents a consumer population of 180 million people and a combined GDP of $4.2 trillion.
Dmitriev, who is also CEO of the fund, said Russian businessmen are keen on establishing tie-ups with potential investors via the RDIF.
The RDIF is a sovereign wealth fund created with the support of Russian government. Its mission is to become a catalyst for attracting direct investments, talent and technologies into the Russian economy by carrying out profitable investments. The RDIF invests, with co-investors, provided that their investment share is equal to or exceeds the fund’s share.
Some businessmen from Apec countries, such as China, South Korea, Thailand and Japan, have partnered with Russian businessmen, and have put up their counterpart investments, mostly for infrastructure projects. In terms of potential partnerships, Dmitriev said the consumer sector and the construction industry are “promising”.
“Two-thirds of the global middle class will reside in the Apec region by 2030. This demonstrates the potential for the development of the consumer sector, along with industry and infrastructure construction,” he said.
The Apec CEO Summit, which was held in Manila and attended by US President Barack Obama and Chinese President Xi Jinping, concluded on Wednesday.