Russian President Vladimir Putin told the Russian-African summit that trade with African countries exceeded $ 20 billion last year, 40 percent of which was with Egypt alone, and called for doubling it within five years.
Putin said during the plenary session of the summit in Sochi that the bilateral trade between Russia and Africa more than doubled and exceeded 20 billion dollars in five years.
"It seems to me that this is very little," he said. Enormous growth. "
"We are offering trade incentives, including through many international institutions," Putin said, adding that his country would offer specific proposals and ideas for the development of the African economy.
He pointed out that Russia is working to provide loans for investments that enhance the national economy of African countries, pointing out that Russia has written off debts worth 20 billion dollars owed by African countries in favor of Russia, in a move aimed at alleviating the debt burden on African countries.
According to experts, the gross domestic product of African countries in 2050 will reach $ 29 trillion.
The leaders of 43 African countries are scheduled to attend the summit in Sochi, with 11 countries represented at the level of vice presidents, foreign ministers or ambassadors.
Some 10,000 representatives from all sectors of the African economy have been invited to Sochi.
The Russian delegation includes representatives of the most prominent national companies operating in African countries and interested in developing economic projects in them.
The summit will also discuss the development of agreed actions in the area of countering terrorism, transnational crime and other challenges and threats to regional and global security.
A final declaration on the outcome of the summit and the forum will be issued after the conclusion of their work on Thursday.
Trade between Russia and Africa in 2018 amounted to $ 20 billion, half the value of trade with France and ten times less than with China. These exchanges mainly involve weapons, a rare area in which Russia leads the market.
In an atmosphere of heightened tension with Western countries, the Sochi summit will be an opportunity for Russia to show itself as a powerful global power after its massive return to the Middle East, taking advantage of the crisis in Syria.