INSUBCONTINENT EXCLUSIVE:
President Vladimir Putin highlighted a 35% increase in trade turnover for the first half of 2023.He has also set an ambitious goal to double
trade with African nations to $40 billion within five years
for the production of military equipment.These collaborations aim to establish licensed manufacturing facilities in several African
billion.The company engages with over 40 African nations in military-technical collaboration
AfricaRussia has overtaken China as the leading arms seller in sub-Saharan Africa
Its market share grew to 26% by 2022
Algeria, Angola, Egypt, and Sudan are the top importers of Russian weapons on the continent.Beyond arms, Russian companies have other
Alrosa manages diamond projects in Angola and explores in Zimbabwe.Rusal mines bauxite in Guinea, while Rosatom builds a nuclear power plant
market due to various challenges
These include a lack of knowledge about trade procedures and market conditions.Foreign Minister Sergey Lavrov plans to hold a conference in
November 2024 to strengthen economic ties
Russia has started opening trade missions in some African countries to facilitate business services.These centers could promote trade fairs
and business matchmaking opportunities
China and India also have economic interests in Africa, competing with Russia for influence.Experts suggest that Russia needs a more
strategic approach to its activities in African countries
Nearly half of African countries are now middle-income, with rising consumerism making trade profitable.Russia could open its market to more
African products through existing trade rules and regulations
incentives and simplify import-export procedures
To diversify, Russia could transfer technology to sectors like agriculture and oil and gas.The country could also capitalize on historical
connections with African elites educated in the Soviet Union
As new trade alliances emerge, Russia has the potential to strengthen economic relations with Africa.Moving beyond rhetoric and taking
concrete actions could enhance ties in the emerging multipolar world
Russia and African countries now have an opportunity to drive foreign policies in a more qualitative manner.
