Russian and German businesses to cooperate despite difficulties

Russian Economic Development Minister Alexei Ulyukayev have spoke with German Agriculture Minister Christian Schmidt on launching SME joing support fund
Russian and German businesses to cooperate despite difficulties
28 July 10:24 2016 Print This Article

Russia and Germany have discussed a project on creation of a joint small and medium enterprises (SME) support fund, Russian Economic Development Minister Alexei Ulyukayev said on Wednesday.

“We talked about the way to support cooperation among small and medium enterprises. There was a good project at the appropriate time: German bank KFW and our Vnesheconombank created a joint fund to support cooperation among small and medium businesses of Germany and Russia. The project was frozen because of known reasons. We spoke about the ways of rehabilitating it,” Ulyukayev told reporters after a meeting with German Agriculture Minister Christian Schmidt.

The two ministers also discussed a range of economic and business cooperation issues, as well as the impact of the deterioration in Russian-EU relations on bilateral trade between Russia and Germany. Schmidt stressed that the two countries’ businesses must continue to cooperate despite the difficult political situation.

“The issue of sanctions was not discussed directly, it’s a headache for our partners, as they were to ones to initiate sanctions but would prefer a more positive turn of events,” Ulyukayev said, stressing that Germany has lost over half a billion euros ($550 million) in trade with Russia so far over sanctions.

According to the Russian Economic Development Ministry Russian-German trade fell almost 20% between January 2015 and 2016 on a year-on-year basis following a 35% fall in 2016 and already 23% this year.

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