Russia is an important market for Switzerland with great growth potential and ranks 23rd among the most important trading partners. Today’s trade in goods mainly includes pharmaceutical goods, machines, watches and precious metals. Not only is cross-border trade important, because trade in services between the two countries is also important (15th most important trading partner). Furthermore, Switzerland is the tenth largest direct investor in Russia.
Potential and challenges for Swiss companies in Russia
At the 21st Mixed Economic Commission, which took place in Bern today under the leadership of the Russian Finance Minister Anton Germanovich Siluanov and the Swiss Ambassador Erwin Bollinger, the Swiss economic stakeholders underlined the opportunities for both sides. In addition to bilateral economic relations, the economic management of the corona pandemic, the financial dialogue and multilateral developments were also discussed. Business representatives were able to address the general conditions of the Russian market for Swiss companies and discuss possible improvements. The daily business on site is sometimes hampered by bureaucratic hurdles.
Basis for good business relationships
The economy was particularly pleased with the noticeable progress made by Russia in relieving the administrative burden on the watch industry and in official cooperation in the customs area. In addition, there are technical working groups within the Joint Economic Commission to discuss specific company matters with the responsible authorities. At the same time, the Russian authorities were encouraged to continue their efforts, particularly in the areas of intellectual property and international harmonization of state rules. Today’s meeting of the Mixed Economic Commission confirms once again that, thanks to a regular and open dialogue, further deepening of bilateral business and investment relations between Switzerland and Russia can be achieved.
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