International Market Adviser (IMA) and United Kingdom Trade & Investment (UKTI) have recently published a very helpful new guide for companies wishing to do business in the Russian Federation.
Despite the rapid pace of progress, media reporting of Russia in the west tends to highlight the negatives of local controversies. It thus misses the potential opportunities in this flourishing economy as Russia strives for economic, social and political development. ‘Doing Business in Russia’ points out right at the beginning that Russia is the UK’s fastest-growing export market outside Europe and North America, with UK-Russia trade growing at an average of 21% per year.
The Guide boldly states what I very often find in my own work dealing with aspiring exporters to Russia – they are often overwhelmed by the prospect of what seems to be a vast, complex and baffling country. It rightly tackles head-on the issues of corruption and bribery which can seem frightening to businesses used to the more developed markets of Western Europe and North America. Clearly, heading down such a path is both illegal and counter-productive for British companies wishing to establish themselves on the basis of high technology, reliability and competitive pricing.
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