Church of the Savior on Spilled Blood in Saint Petersburg, Russia

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Federal Economic Affairs Minister Peter Altmaier today attended the St. Petersburg International Economic Forum (SPIEF). During the event, he was accompanied by a delegation of German entrepreneurs. On the margins of the forum, Minister Altmaier held political talks with high-ranking Russian government officials, including the Economic Development Minister Maxim Oreshkin, the Minister of Industry and Trade Denis Manturov, and the Minister of Energy Alexander Novak.

Minister Altmaier said: "Germany and Russia maintain close economic relations. Despite the troubled waters we are navigating in terms of global foreign trade, Germany continues to engage in significant business and investment activities in Russia. Russia also has a strong interest in maintaining good economic relations with Germany. But we must start again to build new mutual trust, which will also make it easier to solve other challenges. I will work towards establishing a more favourable investment climate in Russia to support German entrepreneurs and investors in their business activities there."

During his attendance of what is the most important economic conference in Russia, Federal Minister Altmaier also held talks with business representatives, exploring the opportunities and challenges for German business in Russia.

At the Economic Forum on Friday, Minister Altmaier took part in panel discussions on bilateral economic relations, labour productivity and human capital. In the afternoon, Federal Minister Altmaier went on to travel to Japan for the G20 Digital and G20 Trade Ministers’ Meetings.

Trade between Germany and Russia amounted to 61.9 billion euros in 2018; of this, 36 billion euros was accounted for by imports from Russia and 25.9 billion euros by exports to Russia.