Russia is seeking to strengthen its trade and investment ties with Africa, according to Russian President Vladimir Putin. Speaking at the Russia-Africa Economic and Humanitarian Forum, Putin expressed genuine interest in deepening multifaceted relations with Africa that would benefit all countries involved. He emphasized the importance of developing financial cooperation and transitioning to settlements in national currencies to facilitate cross-border payments, despite restrictions imposed by Western systems.
Putin highlighted Africa’s remarkable development, including its rapid economic growth and growing population. He noted that Russia-Africa trade reached $18 billion last year and expressed confidence that this figure could substantially increase in the near future through collaboration.
The Russian president also emphasized the importance of uninterrupted food supplies to African countries. Despite facing sanctions, Russia exported 11.5 million tons of grain to Africa in 2022 and almost 10 million tons in the first half of this year. Putin criticized Western countries for obstructing Russian grain and fertilizer supplies while hypocritically accusing Russia of creating a global food crisis. To address this, Russia has pledged to continue supplying grain to African nations. In the next few months, they plan to provide a free supply of 25,000-50,000 tonnes of grain each to Burkina Faso, Zimbabwe, Mali, Somalia, the Central African Republic, and Eritrea.
Putin also highlighted progress in joint agricultural, energy, and industrial cooperation. Currently, more than 30 joint energy projects are being implemented in 16 African states. The Russian leader emphasized the need to develop financial cooperation further and transition to settlements in national currencies for mutual trade.
Overall, Russia aims to enhance its trade and investment ties with Africa, emphasizing the importance of financial cooperation, uninterrupted food supplies, and joint projects in various sectors. The country aims to increase trade substantially and strengthen its relationship with Africa, offering support in crucial areas such as grain aid.
