Вестник университета (Aug 2024)
The current state of international economic relations between Russia and African countries
Abstract
The article analyzes current state of international economic relations among Russia and African countries and reveals their prospects. To date, these relations can be characterized as actively developing, but still relatively insufficiently intensive. Progress has been made in recent years, when Russia has increased its presence on the continent through various forms of economic cooperation. One important area of cooperation is trade. In 2023, trade turnover between Russia and African countries amounted to about 20 billion USD, which is a significant increase compared to previous years. However, compared to other global players such as China, European Union countries or the United States of America, economic interaction level among Russia and African countries is still not high enough. One of the main reasons for this is that Russian economic cooperation with Africa is dominated by the energy sector, especially supplies and infrastructure projects in the oil and gas industry. Meanwhile, other sectors such as agriculture, production of goods and services, and infrastructure investments remain less developed. One of the obstacles to deepening economic relations is also the lack of information and education about the opportunities for cooperation between Russia and Africa. There are also difficulties in securing financing for projects, especially for small and medium-sized enterprises.
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