RDIF, Agriculture Ministry to attract overseas investment into Russia’s agriculture sector
The Russian Direct Investment Fund (RDIF) and Russia’s Agriculture Ministry have agreed to work together to attract further overseas investment into the Russian agricultural sector, a memorandum of intent was signed on Friday by Agriculture Minister Alexander Tkachev and Chief Executive Officer of the RDIF Kirill Dmitriev on the sidelines of the St. Petersburg International Economic Forum (SPIEF-2017).
"RDIF and the Russian Agriculture Ministry will work together to jointly identify and act on promising opportunities in agriculture. This will be achieved by shortlisting projects in order of priority and then analyzing investment potential among other things. A project platform will be created to review and select relevant projects and then bring in international partners," Russian Direct Investment Fund said in a press release.
"Agriculture may be underestimated, but it is still one of the most promising sectors of the Russian economy. Attracting investments into the sector is one of our priorities and we have seen great interest from international investors. It will be crucial to provide as many investment opportunities as possible and provide them with the tools to invest in order to give a boost for the sector’s development. RDIF will be increasing its allocation to agricultural projects to around 30% of the fund’s portfolio in the near future. Cooperating with the Russian Agriculture Ministry will help us achieve this," Kirill Dmitriev was quoted as saying.
RDIFis Russia’s sovereign investment fund established in 2011, which makes direct investments into leading and promising Russian companies in cooperation with world’s major investors.