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Business Secretary Vince Cable is on a three-day visit to Moscow to strengthen ties between the UK and Russia and to promote trade, which is worth billions to the UK鈥檚 economy every year.

He takes with him the largest ever UK business delegation, comprising 37 businesses that have enjoyed success in Russia in sectors ranging from pharmaceuticals to finance, and from energy to food and drink. Among the delegation are companies such as Rolls Royce, British Airways, Shell, BP and Barclays.

Over six hundred British businesses now have a base in Russia including many household names such as Marks & Spencer and Costa Coffee.

UK-Russia factfile

• UK-Russia trade is currently worth 拢6 billion a year. UK exports to Russia in the year to August were 拢1.9 billion, an increase of 36 per cent on the previous year.
• Nearly 600 British companies are active in Russia, and over 2,000 UK SMEs showed an interest in doing business in Russia in 2009.
• 皇冠体育app UK is one of the largest foreign direct investors in Russia.
• Russian companies account for 13 per cent of all international IPOs on the London Stock Exchange. Russian companies favour the City of London for capital, with over $30 billion raised in Russian IPOs since 2005 and a possible further $10 billion in 2010.
• Russia鈥檚 Mail.ru Group successfully floated on the London Stock Exchange this month. Mail.ru Group鈥檚 sites reach approximately 70 per cent of Russian Internet users on a monthly basis. Russia is today Europe鈥檚 second largest Internet market measured by number of users.
• English law is one of the UK鈥檚 most important exports to Russia. UK law firms in Moscow are amongst the largest and most successful in the world.
• Oil and gas are responsible for around a quarter of Russia鈥檚 GDP, half of federal budget revenues and two thirds of exports. Russia in 2009 became the world鈥檚 largest producer of hydrocarbons. Russia is committed to improving its energy efficiency by 30 per cent by 2020.
• TNK-BP, of which BP has a 50 per cebt stake, is Russia鈥檚 third biggest oil producer. As at February 2009, Shell has a 27.5 per cent stake in the Sakhalin II project, Russia鈥檚 first LNG (Liquefied Natural Gas) plant, costing $22 billion.
• Pilkington鈥檚 biggest factory outside the UK is in Russia. Other major investors include blue chip companies like Cadbury, Astra Zeneca, Kingfisher (B&Q), Marks and Spencer and Monsoon.
• Rusnano, the state company responsible for developing Russia鈥檚 nanotech industries, is planning to spend $8.5 billion on nanotechnology by 2015. Following a visit to the UK this year, Rusnano has invested in a Cambridge-based nanotechnology company Plastic Logic.
• 皇冠体育app UK and Russia have entered into a Host2Host agreement to exchange information and support on the Economic Legacy around major sporting events such as the forthcoming London 2012 Olympic Games and Sochi鈥檚 2014 Winter Olympic Games.
• 皇冠体育app 2014 Sochi Olympic Games are expected to cost $35 billion, with the value of the opportunity to the UK estimated to be over 拢18 billion. UK companies have already won, or are bidding for contracts in sectors covering construction and event delivery to catering and hospitality.
• Britain鈥檚 revenues from Russian tourists account for 拢500 million a year (source: Visit Britain).
• Russian culture remains of great interest in the UK - a new exhibition at the London V&A museum of Diaghilev鈥檚 Ballets Russes has already attracted more than 50,000 visitors, since September, and the annual Maslenitsa festival in spring remains popular.

Vince Cable said:

鈥溁使谔逵齛pp UK is consistently one of the biggest foreign investors into Russia, and proud to be so.

鈥淲e have goods and expertise that are in high demand, and UK companies are increasingly seeking out further opportunities, especially in engineering, construction and financial services.

鈥淪o far this year, we have exported nearly 拢2 billion of goods and services to Russia and I hope that, through delegations such as this, trade relations will continue to grow between our two countries.鈥�

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