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Vneshtorgbank`s Chairman of the Board and CEO, Andrey Kostin participated in an annual business summit of the Russo-British Chamber of Commerce

9 June 2005

On the 8th - 9th of June, 2005, an annual business summit of the Russo-British Chamber of Commerce (RBCC) was held in London. Chairman and CEO of Vneshtorgbank, Andrey Kostin, who is an Honorary Vice President of the RBCC, addressed the summit with a report on the growing business contacts between the two economies and prospects of the Russian and British cooperation.

In particular, Andrey Kostin emphasized that cooperation between the two countries had been growing from day to day. As a result, the volume of British investment channeled into Russia amounted to USD 8 billion which placed Great Britain second among the largest foreign investors in the Russian economy. Citing Andrey Kostin, "we can very soon expect a serious expansion of foreign presence on the Russian financial services market. Of most interest to investors are banks actively operating on the retail market, especially, mortgage market, and other specialized banks ".

The Russo-British Chamber of Commerce, patronized by HRH Prince Michael of Kent will celebrate its 90th anniversary next year. From the very outset, the RBCC has been actively promoting mutually beneficial foreign trade and investment relations between Great Britain and Russia. An open dialogue between businessmen from both countries, and discussion of concrete issues of the bilateral cooperation held within the framework of the summit allowed its participants to single out the barriers left on the way to cooperation and find the means of overcoming them in order to give a further boost to business partnership between the two nations.

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