Trade Mission to Moscow and Saint Petersburg

To further explore the Russian market and its business opportunities, the Luxembourg Chamber of Commerce, in collaboration with the Embassy of Luxembourg in Moscow and Luxinnovation, will organize a trade mission to Moscow and Saint-Petersburg including an accompanied visit of the Skolkovo Open Innovations Forum from October 21st to 25th, 2019.

Every interested Luxembourg-based company is welcome to participate in the trade mission, of which innovation is the key element.

The participating companies will have the opportunity to take part in tailor-made business-to-business meetings both in Moscow and Saint Petersburg. During the accompanied visit, participating companies from Luxembourg will discover the Open Innovations Forum 2019, Russia's leading platform for technology entrepreneurs and corporations to find new opportunities for development, connect with investors, partners and officials. Companies may also participate in networking receptions and various opportunities to meet key players will be provided.

Real GDP growth in Russia surpassed expectations in 2018, and Russia's economic recovery continues against most expectations, amidst relatively high oil prices, enhanced macroeconomic stability, gradual monetary loosening, a decline in unemployment and ongoing momentum in global economic growth, says the World Bank's latest Russia Economic Report.

Russia, the largest state in the world, extends throughout most of the Eurasian continent, eleven time zones and a diverse range of environments with its arid plains, wide forests and arctic tundra. Its economic diversity mirrors its geographic variety, and Russia's prime geographic situation has allowed the country to tie a strong network with its neighbors in Europe, in Central Asia and in the Far East. Despite the EU-Russia sanctions and the somewhat acrimonious political climate, business opportunities between the world's largest country and Luxembourg, the second-smallest country in the European Union, could be plentiful.

Russia's macro-fiscal buffers remain strong, with fiscal surpluses across all tiers of government and low public-debt levels. When compared to advanced economies, Russia spends less on health and education. Rebalancing in favor of these categories could improve the overall efficiency of public spending. Short-term inflationary risks have abated, with the Bank of Russia signaling a return to a neutral policy rate. Lending activity is recovering, but the banking sector remains afflicted with high concentration and state dominance. Having eased slightly, the poverty rate remains in double digits with many households close to the poverty line and lacking formal employment. Informal employment is rising in the face of close-to-zero net job creation by medium-sized and large formal enterprises.