Russia-Greece: significant room for further growth of trade relations

December 30 2013

"Voice of Russia"

Greece is probably Russia's oldest friend. The history of relations between the two nations is more than thousand years old. Economic and commercial ties between Greece and Russia do not reflect the excellent political relations at the moment, while trade relations have significant room for further growth.

Greek exports to Russia doubled in 2012 compared with 2004, and the positive trend is expected to continue. Around 150 mixed Greek-Russian businesses now operate in Russia, with a total turnover of 2.5 billion euro and 20,000 employees.

Speaking in Moscow, on the occasion of the Greek-Russian "Go International" forum in May this year, Greece's Foreign Affairs Deputy Minister Dimitris Kourkoulas said that a turn of the Greek economy towards exports was leading the economy out of the crisis.

"Russia has been upgraded at 10th from 12th place in terms of Greek exports and in 2016 I believe it will be in the top-five," Dimitris Kourkoulas said. "Exports, tourism and privatization will have a significant contribution to the rescue of our economy."

Russia looks upon the Greek market as a portal to a wider market of 65 million people. Tourism is the key sector for economic cooperation between the two countries right now. Greece, which will take over presidency of the European Union in the first half of 2014, is going to seek a looser EU visa regime for Russians in that period.

Greece needs Russian investments, mostly, in sectors like transport, agriculture, but most of all energy. Russia's Gazprom and Sintez, a private natural gas company, have recently raised more than 1.5 billion euro for a 65% share in Greece's DEPA state-owned natural gas group. Gazprom already uses DEPA capacities to supply some 90% of the Greek-bound gas.