Mr. Trump was elected president, Western companies are rushing to invest in Russia
Western companies are pinning their hopes on the rapid growth of the Russian economy, Bloomberg writes.
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| Major Western companies pin their hopes on Russia. |
IKEA (Sweden) plans to invest 1.6 billion dollars in building new factories and stores in Russia within 5 years. Leroy Merlin of France also hopes to spend 2 billion euros in capital and double the number of stores in the same period.
Many US companies operating in Russia see it as a strategic market "where the time has come to invest. I firmly believe in the potential of the Russian market in the long term," said the head of IKEA Russia, Walter Kadnar.
"The last two or three years have been terrible. Now things are changing: the ruble is stable, the Russian economy is expected to grow again," said Frank Shauff, director general of the Association of European Businesses (AEB).
US companies such as Mars Inc., Pfizer & PepsiCo Inc. are also building new production facilities in Russia. According to Alexis Rodzianko, President of the American Chamber of Commerce in Russia, geopolitical tensions have held back investment volumes. But the election of Donald Trump as US President could change the situation.
According to Sputnik
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