Hot topics | Coronavirus pandemic

Trade Between Russia And Italy Fell By 20% In The First Half Of The Year

Trade Between Russia And Italy Fell By 20% In The First Half Of The Year

Trade turnover between Russia and Italy fell by 20% in the first half of 2020 due to the coronavirus pandemic, the President of the General Confederation of Italian Industry (Confindustria) Ernesto Ferlenghi said.

"We, like Italy, suffer from a 20% drop in an exchange between Russia and Italy. In the first half of 2020, the trade turnover between our countries slightly exceeded 8.4 billion euros ($9.9 billion)," Ferlengini said.

He also noted that to overcome the decline in trade turnover, countries need to think about developing a new business localization model that could provide financial benefits for Italian companies that want to establish production in Russia.

At the same time, Ferlengini noted the importance of strengthening ties between Italian business and the Russian authorities to better understand the investment climate in Russia and the authorities' plans to establish joint ventures with foreign countries. "The best solution may be to create a single-window system — a platform where a foreign investor can find all the necessary information about investment programs, projects, the local market, and tax benefits," Ferlengini believes.

Also, the President of Confindustria called on the Russian authorities to grant permission for the return of foreign highly qualified specialists (who left the country due to the start of the COVID-19 pandemic), as their experience is extremely important for the successful conduct of foreign business in Russia.

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