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German companies have invested a record amount in 10 years in Russia

In 2018, German companies invested more than 3b euro in the Russian economy, according to the Russian-German Chamber of Commerce. Part of the investment provided for the construction of the Nord Stream-2 gas pipeline. Western sanctions did not prevent German companies from investing in the Russian economy a record amount since 2008 — more than 3b euro. The announcement was posted on the website of the Russian-German Chamber of Commerce. Such data is given by the business association with reference to the statistics of the Bundesbank. “Along with such large-scale projects as Nord Stream-2, the German small and medium business is discovering the possibilities of the Russian market”, here are the chairman’s words of the board of the chamber Matthias Shepp. According to him, the interest of German entrepreneurs in business in Russia is noticeable due to the growth in the number of members of the chamber (+10% in two years, now more than 900 companies).

The attractiveness of investments in the Russian economy provided, among other things, the weakening of the ruble exchange rate after 2014, the report says. The Bundesbank also adjusted, from 1.6b euro to 2.8b euro, the estimate of direct German investment in Russia in 2017 Above the current figure, German business investments in the Russian economy rose only in the period from 2006 to 2008, and the absolute record - 7.4b euro - fell in 2007, when the German energy group E.ON (now Uniper) invested 4.6b euro into the Russian energy market.

Among the major projects that have played a decisive role in the growth of German investments are the Nord Stream-2 gas pipeline, which will run under the Baltic Sea from Russia to Germany, and the expansion of Volkswagen’s production facilities in Kaluga and Nizhny Novgorod. The volume of investments in Nord Stream-2, which is being built by a consortium led by a subsidiary of Gazprom, is estimated at 9b euro. From the German side, two large companies, Wintershall and Uniper, are taking part in its construction, who have allocated for this purpose 950m euro, notes the Russian-German Chamber of Commerce.

The volume of Volkswagen investments in Russia since 2014 has reached 500m euro. Funds have gone to expand the production capacity of a car company in Kaluga and Nizhny Novgorod. The Russian-German Chamber of Commerce represents the interests of German companies in Russia and Russian in Germany. Currently, the association has 874 companies.

Source: www.rbc.ru

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