Africa wants improvement, enchancment in high quality of life & Russia has a lot to supply – financial system minister

The amount of commerce between Russia and the African continent has doubled over the previous 5 years, in response to Russian Financial Growth Minister Maksim Oreshkin.

Speaking to RT on the sidelines of the Russia-Africa summit in Sochi, he stated Russia’s commerce with some African international locations is targeting a slim vary of products. That’s why “the main challenge of creating financial ties with Africa lies in diversification,” Oreshkin stated.

In line with the minister, Russia has a large amount of products, expertise, and initiatives that it may supply. On the identical time, many international locations in Africa actually need these initiatives, he defined.

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“Russia is engaged on realization of joint initiatives which is able to facilitate the event and enchancment of the standard of life in Africa. Such collaborative strategy distinguishes Russia from different international locations,” stated Oreshkin.

Commerce between Russia and Africa grew by 17 % in 2018 to $ 20 billion. Addressing the summit in Sochi, President Vladimir Putin referred to as for commerce to be doubled over the subsequent 4 or 5 years. He additionally stated that Moscow had written off African money owed to the tune of over $ 20 billion.

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