Doing Business in Russia
Russia has a wealth of natural resources. It is the world’s largest producer of natural gas and the largest producer of oil, but also one of the leading producers and exporters of diamonds, nickel and platinum.
Despite its large surface area, Russia has a relatively small amount of arable land because of unfavourable climatic conditions. The country nevertheless owns 10% of global agricultural lands. The northern regions of the country concentrate mainly on livestock, while the southern regions and western Siberia produce cereals. Agriculture contributes 4% to national GDP.
Industry represents 36% of Russia’s GDP and employs nearly 28% of the population. The country inherited most of the Soviet Union’s industrial bases. The most well developed sectors are chemicals, metallurgy, mechanics, construction and defence.
During 2015 and 2016 Russia has grappled with the challenges which the combination of a fall in global oil prices and Western sanctions placed on its economic performance since 2014, with a more positive outlook for 2017.
Amongst numerous economic priorities, one of the more recent priorities established by the Russian government is the accelerated development of the Russian Far East, including Chukotka Autonomous Okrug. The recently established Beringovsky Advanced Development Zone provides a series of benefits and incentives for developing export-oriented business, including coal mining.