Italy, Russia to substantiate economic dialogue

Trade between Russia and Italy has dropped by 24.8% due to COVID pandemic with Italian exports to Russia falling by 9.4% and Russian exports to Italy by 33%, yet new Italian companies keep entering Russian, and more broadly, Eurasian market. At the General Assembly and subsequent Open Conference of Italian-Russian Chamber of Commerce which took place in Moscow on Friday, it was noted that some Russian industries have resumed their growth which, for example, for the agriculture is currently at 4%.

Vincenzo Trani, president of the Italian-Russian Chamber of Commerce. Credit: Vladimir Astapkovich / RIAN

As Vincenzo Trani, President of Italian-Russian Chamber of Commerce, stressed in his address to the Open Conference participants in both Moscow and Milano, the performance of IRCC depends on the direct involvement of all of its members and active exchange of ideas among them. Because of the pandemic, the Chamber has been living through hard times but it is now carefully reviewing all possible new opportunities and prospects. For that, it is essential to substantiate and expand the ongoing economic dialogue. The Chamber, for instance, has been offering educational webinars on broadening imports to Russia.

Pasquale Terracciano, Italy’s Ambassador to Russia, noted that a meeting of the intergovernmental Italian-Russian council on economic and financial cooperation will take place in Moscow soon and will be attended by high representatives of both countries, and it is important to get the most efficient use of the support the two governments give to IRCC.

According to Sergei Katyrin, President of the Russian Chamber of Commerce and Industry, IRCC continues its activities and Italy remains a top three partner for Russia in terms of bilateral trade. Accelerated economic growth in both countries will no doubt depend on international trade and cooperation. The Chamber’s priority goal is maintaining cooperation and attracting investments, Dmitry Kurochkin, Vice-President of Italian-Russian Chamber of Commerce, said, pointing out new startups and technologies require special attention first of all.

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