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Africa needs development, improvement in quality of life & Russia has much to offer – economy minister

Africa needs development, improvement in quality of life & Russia has much to offer – economy minister
The volume of trade between Russia and the African continent has doubled over the past five years, according to Russian Economic Development Minister Maksim Oreshkin.

Talking to RT on the sidelines of the Russia-Africa summit in Sochi, he said Russia’s trade with some African countries is concentrated on a narrow range of goods. That’s why “the major issue of developing economic ties with Africa lies in diversification,” Oreshkin said.

According to the minister, Russia has a great amount of goods, technology, and projects that it could offer. At the same time, many countries in Africa really need those projects, he explained.

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“Russia is working on realization of joint projects which will facilitate the development and improvement of the quality of life in Africa. Such collaborative approach distinguishes Russia from other countries,” said Oreshkin.

Trade between Russia and Africa grew by 17 percent in 2018 to $20 billion. Addressing the summit in Sochi, President Vladimir Putin called for trade to be doubled over the next four or five years. He also said that Moscow had written off African debts to the tune of over $20 billion.

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