Trading partners in the Eurasian Economic Community (Belarus, Kazakhstan, Kyrgyzstan, Tajikistan and Uzbekistan), Iran, China, India, Afghanistan and Mongolia will be given priority.
Photo: Andrey Mahonin
| Other Photos |
 |
|
 |
Gas, Arms Major Exports for a Long Time
The Russian government approved a strategy for foreign economic activity through 2020 yesterday. The strategy was drafted by the Ministry of Economic Development. The strategy calls for the creation of an agency to insure export contracts as part of Vneshekonombank next year and support for exporters facing disappearing credit opportunities from foreign banks through state insurance.
Partners in the Eurasian Economic Community (Belarus, Kazakhstan, Kyrgyzstan, Tajikistan and Uzbekistan), Iran, China, India, Afghanistan and Mongolia will be given priority. Much of the support foreseen in the strategy is directed toward military exports and gas export.
The Ministry of Economic Development now provides insurance on export contracts through Roseximbank as a cost to the government of about $1 billion per year. However, Deputy Minister of Economic Development Andrey Klepach commented that “There is essentially no insurance of export contracts now. The insurance is made abroad.” Bureaucracy is a major impediment to it in Russia.
The strategy is a somewhat secret document and the discussion of it was also partially closed off from public view. Almost no numbers were mentioned in connection with “increased financing” for export. Russia’s share of the world GDP is expected to rise from 4 percent to 4.2-4.4 percent by 2020. The Eurasian Economic Community will make up 6 percent of it. Raw materials exports will continue to be prominent. A negative trade balance of $100 billion is the most optimistic scenario for 2020 (compared to the $52-billion positive balance today).
www.kommersant.com
All the Article in Russian as of Oct. 28, 2008
|
|
|
