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Russia holds trade surplus with T&T
The balance of trade between Russia and T&T has been in Russia’s favour at least since 2005, the T&T Chamber of Industry and Commerce (TTCIC) said in a trade bulletin sent to its members on March 5.
“With respect to bilateral trade, T&T has traditionally exported products to Russia, ranging from static converters, grading machines and machinery for the manufacture of cocoa and chocolate to cucumbers, pepper sauce, anchar, kuchela, guava jam and fruit puree.
“Imports from Russia comprise products such as crude petroleum, steel alloy, lubricating oil, match splints, office machines and coiled products. The balance of trade between both countries is primarily in Russia’s favour,” the TTCIC said.
Russian steel company Severstal, the country’s second largest steel producer has become the first Russian company to make a billion-dollar investment in T&T, the chamber said.
In January 2012, the company’s North American subsidiary, signed a memorandum of understanding with Neal and Massy Holdings to establish an iron and steel facility at Union Industrial Estate in La Brea, the chamber said. The TTCIC said the timeframe for the establishment of the plant is between three and five years, with an investment of US$600 million ($3.84 billion) in T&T.
“This venture is expected to provide 3,500 jobs during construction and 400 permanent jobs,” the chamber said.
The Westmoorings-based chamber added, “In January 2013, approval was given for the establishment of an honorary consulate in Moscow—the first time that T&T will have a (diplomatic) presence in Russia.”
The chamber said the “establishment of such an office will provide a base from which T&T’s entrepreneurs can pursue business opportunities in Russia and will also provide an avenue through which to promote trade, investment and tourism. Consular services to nationals requiring same would also be available.”
In November 2010, T&T waived visa requirements for nationals of the Russian Federation, visiting T&T for vacation and business purposes for a period of up to three months.
Also in 2010, the Russian Federation appointed Republic Bank’s managing director David Dulal-Whiteway as honorary consul to T&T.
The chamber said: “T&T will continue to pursue initiatives to strengthen the bilateral relationship with Russia in respect of trade, investment, business facilitation, culture, technical assistance and co-operation in the multilateral sphere.”
The World Bank has forecast that the Russian economy will grow at a rate of 3.5 per cent in 2013. Russia registered a growth rate of 4.3 per cent in 2011 and 3.5 per cent in 2012.
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