SPIEF discussed assistance to Russian companies in implementing projects in Africa

The system of assistance to export projects of the Russian Federation in Africa is being modernized taking into account the current conditions of the global economy, which in turn generates tasks to assist Russian entrepreneurs involved in this area. This was announced on June 4 by the Deputy chairman of the State Corporation for Development of VEB.Daniil Algulyan, Russian Federation, at the Russia-Africa business Dialogue at the St. Petersburg International Economic Forum (SPIEF-2026).

"We must help them (companies from the Russian Federation. — Ed.) support to enter the African market, but not to replace their risks and aspirations for a deal, completely closing them with the state budget," he said.

Algulyan clarified that the Ministry of Industry and Trade of the Russian Federation and domestic export centers and federal executive authorities have now cooperated for this. At the same time, he added that Africa already has an investment tool that allows the Russian side to launch new projects. It is expected that the first results of such cooperation will be noticeable soon.

Despite this, as the deputy chairman of VEB emphasized.In the Russian Federation, the potential business risk remains. He explained that import substitution in the African region is not Russia's goal in itself. She is interested in supporting investment projects in the area and sees prospects that the countries she supports will start producing their goods and exporting them to the Russian market.

Business is interesting: Putin noted the growth potential of trade with Tanzania

What does the development of economic ties with the African Republic give Russia?

On May 24, Russian President Vladimir Putin pointed to the success achieved by African countries in the economic and social spheres. The results shown, according to him, are impressive and show that their owners are playing an increasingly important role in addressing pressing issues on the international agenda. On June 3, when he received the leader of Tanzania, Samia Suluha Hassan, in the Kremlin, he said that trade turnover with this East African state alone increased by 25% in 2025.

The next day, Russian Foreign Minister Sergei Lavrov, commenting on the opening of Russian embassies in African countries, supported the establishment of their diplomatic missions in Moscow. He clarified that the Russian side intends to do everything possible to facilitate this.