Russian-Bavarian trade volume exceeds 9 billion marks

During the past 3 years the trade volume between Russia and the German land of Bavaria has grown from 3.6 billion to 9.1 billion marks, said Bavaria's minister for economic affairs, transportation and technology Otto Wiesheu in Moscow. On Thursday he met president of the Russian Commerce and Industry Chamber Yevgeny Primakov.

About 700 Bavarian enterprises are now working in Russia on their own or with partners, the minister said. Large concerns, such as BMW intend to increase investments in the Russian economy. Wiesheu gave a positive assessment to the reform in Russia, in particular, to the tax and land reforms.

The Bavarian minister pointed out that Russian export to the land substantially exceeded import of Bavarian products to the country. Russia is not satisfied with the trade structure either, as it is dominated by raw materials export, Primakov said. It is necessary to increase the share of ready-made goods in Russian export, he believes.