Russia eyes global markets for non-resource export growth

Russia is setting its sights on new global markets as part of a strategic move to grow its non-resource-based exports, acting Energy Minister and candidate for Deputy Prime Minister Alexander Novak said, according to TASS on Monday.

The Russian President has outlined ambitious goals to increase the export of non-resource-based non-energy goods by two-thirds and to enhance agricultural product exports by 50 per cent, as the nation’s strategy involves not just supplying the domestic market but also carving out a presence in new, promising international markets, Novak said.

This will be facilitated by fostering favourable conditions for co-operation with allied nations, primarily through the initiation of new joint economic and investment projects and the broadening of transit routes for goods via international corridors, as Novak detailed in his address to the State Duma.

Novak further emphasised that improving labour efficiency is pivotal for Russia’s objective to ascend into the ranks of the world’s top four economies, measured by purchasing power parity.

Achieving this status hinges on key factors such as boosting productivity, integrating state-of-the-art technologies, and enhancing staff training programmes.