Companies Encouraged to Look East  

East of England firms were urged to explore new trade opportunities with Russia following a three-day trade mission with Lord Green during December to the UK’s fastest growing major export market.

As part of the mission, Lord Green and John Cridland visited Moscow and St. Petersburg, where they met key figures from the Russian Government and business community.

The UK companies, which included Cambridge-based TAP Biosystems had the opportunity to gain useful knowledge of the market and engage with potential commercial partners.

David Newble, CEO of TAP Biosystems commented:
“It was an honour to have represented the Cambridge cluster of high-tech life sciences firms, as only one of 25 UK companies selected by the UKTI and CBI to be part of this fascinating trade mission to Russia.”

Newble continued: “Russia has an excellent reputation for life science research as well as, an increasingly active pharmaceutical market. “

Trade and Investment Minister Lord Green said:
“Russia is our fastest growing major export market and, with 140 million consumers looking for quality British products and services, it offers great opportunities for British businesses. Important steps such as Russia’s accession to the World Trade Organisation are making it easier for British firms to do business there.

“The London Olympics showed the UK delivering an outstanding summer of sport on time and on budget. Now is the time for British businesses to build on this legacy and assist Russia in achieving its ambitious economic modernisation and infrastructure development goals.”

The aim of the Trade mission was to target new export opportunities for Britain’s mid-sized businesses in an important market; “We’re keen to make strides in reaching our target to get another 100,000 UK firms exporting by 2020, helping to secure long-term and sustainable economic growth,” the Minister added.

John Cridland, CBI Director-General, said:
“Opportunities for British business abound in this fast growing market, from energy to life sciences, to helping deliver the major sporting tournaments that Russia will be hosting in the coming years.

“We’ve identified a potential £30 billion export prize by 2020 if the UK creates the right business environment for our industries to thrive, and mid-sized businesses will be at the heart of this.”

Russia is a significant trading partner for British businesses, with more than 600 UK companies already operating there and UK exports for 2012 are on course to total £5 billion. In the last two years, the value of British goods exported to Russia has increased by over 80%. This is expected to grow further as Russia opens its economy up to more international trade and investment.