Russia's top foreign investor remains... France?
Healy Consultants Group PLC
28 September, 2016
To business men unaware of this relationship it may come as a surprise that in 2016 the top foreign investor in Russia remained the top EU country of France. And this is not something new, as France has dominated this top spot in the past three years, according to the Director General of the Franco-Russian Chamber of Commerce and Industry (CCIFR) Pavel Shinsky.
France has been a prominent player in the Russian financial sector with its multiple banking and other financial companies operating in the Federation, while manufacturing companies see an increase of business despite US and EU ongoing sanctions. On multiple occasions top officials from France, including the Foreign Minister have made statements in support to lift the ongoing sanctions which decrease competitiveness of bilateral businesses.
Furthermore, the country's business has been a great employer of more than 100,000 Russian staff, especially thanks to large employers such as Auchan. Russian employees are relatively cost-efficient and prove suitable for French investors in the long-run.
"In the first quarter of this year France invested $797 million in the Russian economy while Germany $350 million, and the US $130 million," Shinsky said at the International Business Summit in Russia's Nizhny Novgorod.
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