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12/8/2023, 1:31 AM (Source: TeleTrader)
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Putin on Russia's economic landscape, China ties at VTP forum

Russian President Vladimir Putin took center stage during the two-day VTP Investment Forum "Russia Calling!" in Moscow on Thursday. During his appearance, the Russian head of state delved into bilateral relations with China and the resilience of the Russian economy in the face of Western sanctions.

In his address, Putin stressed that nothing can stand in the way of cooperation between Russia and China, once again reflecting on the strong bilateral ties with Beijing. The importance of Russia-China relations became pivotal on the global stage following geopolitical developments that have distanced Moscow from European countries with the beginning of the war in Ukraine. Since last year, Moscow expanded its trade with Beijing and also redirected its gas exports toward China through the Power of Siberia pipeline. According to Putin, bilateral volume trade with China is anticipated to hit $200 billion this year.

During his appearance, the Russian head of state provided a glimpse into the country's economy in the aftermath of the United States and European sanctions, pointing out that their intended objective of undermining Russia's economy was not achieved. The gross domestic product in Russia expanded by 3.2% during the first ten months of 2023, Putin said, stressing that Russia's economy is strong despite the challenges posed by the "attack" of Western sanctions. The projection is for the GDP to reach 3.5% by the end of the year, the president stressed. Specifically, despite pressure from the West, Putin stated that the number of foreign enterprises operating in Russia increased by about 6% since March 2022. "This is an indicator of the readiness and desire to work in Russia," he stated.

"As for us, we would like to create a new model, a truly democratic one, where true and honest competition between all economic actors prevails," the Russian president noted.

Baha Breaking News (BBN) / AB