Trading prospects in Russia are increasing as foreign brand owners like PepsiCo, Ernst & Young and more look towards the country for growth.
Trading prospects in Russia are increasing as foreign brand owners like PepsiCo, Ernst & Young and more look towards the country for growth.
Reported by reuters.com, a survey by the Economist Intelligence Unit (EIU) polled 195 overseas executives who had been involved (or expect to be within the next three years) with joint ventures, mergers or operations in the country.
Around 74 per cent of the panel active in ventures with Russian firms were mostly satisfied with their partnership while a further 72 per cent would do business with Russian enterprises again, cites warc.com.
Over a third (39 per cent) believe Russia is likely to become ‘Europe’s biggest market’ in volume over the coming decade while 27 per cent think Russia is due to develop as a ‘global investment magnet’ similar to China.
One possible consequence of so many major brands enjoying the benefits of Russian partnerships may be that a greater number of organisations are inspired to tailor their merchant accounts to accept an online payment from Russian businesses, for example.
Other core advantages that characterised partnering with a Russian firm were access to energy (67 per cent), technical abilities (49 per cent) and the availability of capital (46 per cent).
Kostas Katsoglou, president of Dow Chemical’s local divisions, commented on Russian firms: “Russian companies now have much broader horizons. People have started seeing them as players globally.”
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