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Switzerland boosts investments & exports to Russia – envoy

Switzerland boosts investments & exports to Russia – envoy
Export of Swiss goods to Russia surged over 10 percent last year, reaching nearly 80 percent of the pre-crisis levels, according to Tobias Privitelli, the deputy head of the Swiss diplomatic mission in Russia.

The deputy ambassador added that Switzerland has been exporting vast volumes of pharmaceutical products, equipment and electronics. Mutual trade between the countries had been declining by about 13 percent from 2017 through 2018, according to Privitelli.

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“However, exports from Switzerland to Russia grew by 12 percent, which is highly significant. That’s 80 percent of exports volumes we had in 2013, before the crisis,” he said.

Swiss pharmaceuticals reportedly accounted for 49 percent of the country’s entire exports to Russia, while equipment and electronics totaled 17 percent. The share of Swiss watch, jewelry and some other luxury items also reached 17 percent. Agricultural products became the third largest export item, accounting for 8.5 percent.

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The top diplomat highlighted the growth of Swiss investments in Russia that saw a modest increase of 1.5 percent over the specified period. Zurich-based multinational ABB Group, which specializes in robotics, power, heavy electrical equipment and automation technology sectors, established a new engineering branch in Russia’s Kaliningrad on the Baltic Sea.

“Switzerland is still one of Russia’s top ten international investors,” Privitelli said.

Further investments may reportedly be focused in areas such as culture, technologies and the environment.

For more stories on economy & finance visit RT's business section

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