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REC Group facilitated 11% of Russia’s export deals in non-energy and non-resource sectors

20 September 2017

On September 20, 2017, the Head of the Russian Export Center Group, Petr Fradkov, announced results for the first six months of 2017 at a press conference held at TASS.

As Russia’s key organization for promoting exports, REC is both pursuing a comprehensive action plan aiming to optimize the business and administrative environment for export activities and providing assistance to individual exporting companies with the help of its tools and mechanisms. According to Fradkov, merging the Russian Export Center with the Russian Agency for Export Credit and Investment Insurance (EXIAR) and Roseximbank into the REC Group increased the scope of financial and other types of support provided.

In the first half of 2017, the REC Group facilitated 11 percent of Russia’s total exports in the non-energy and non-resource sectors of the economy. REC’s support was particularly active for the top three industries: the REC Group supported 76 percent of Russia’s export deals for the railway engineering industry, 50 percent of agricultural exports, and 36 percent of car exports.

In the first half of 2017, the REC Group also reported a positive financial performance. EXIAR’s net profit amounted to 1.9 billion rubles, Roseximbank’s s net profit reached 667 million rubles, and REC reported net profit of 593 million rubles after receiving EXIAR’s dividend payments. Dividends are also due at the end of the nine-month period in 2017.

Petr Fradkov noted that the REC Group has been particularly actively supporting small and medium-sized businesses: over 80 percent of applications for support received in the first six months of 2017 came from SMEs. Over 800 of small and medium-sized enterprises participated in the REC Export School education project.

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