Visit with Representatives from the Republic of Tatarstan Promotes Trade and Investment
On Wednesday, August 15,2018, the California Chamber of Commerce met with representatives from the Tatarstan Investment Development Agency of the Republic of Tatarstan to promote trade and investment. The delegation was led by Taliya Minullina, CEO of the Tatarstan Investment Development Agency and a Member of the Tatarstan Government in the Russian Federation. She was accompanied by Robert Galiullin, trade representative of the Republic of Tatarstan, and Kirill Gladnev, chief executive assistant.
The Tatarstan Investment Development Agency (TIDA) is a special executive body of the Government of Tatarstan founded in 2011 to carry out investment promotion and facilitation. TIDA is responsible for all international investment and business projects in the Republic of Tatarstan. TIDA focuses its efforts on attracting investment into eight priority sectors of the Tatarstan economy: chemical & petrochemical, machinery & automotive parts, construction & building materials production, agriculture & food processing, medicine & pharmaceuticals, IT & telecommunications, Halal industry, and service industry & tourism.
The Republic of Tatarstan is located about 500 miles east of Moscow, and is geographically similar in size to Ireland. Tatarstan is an oil production and petrochemical center. The population of Tatarstan is more than 3.7 million people. The Republic of Tatarstan is the most economically developed region of the Russian Federation.
A delegation led by the President of the Republic of Tatarstan will be coming to San Francisco in October accompanied by business representatives and Tatarstan Chamber of Commerce leaders.
Trade with Russia
The United States exported $6.987 billion to Russia in 2017, with 41.5% being transportation equipment and machinery. Russia exported $17 billion to the United States in 2017, with 39.2% being petroleum and coal products. Primary metal manufacturing contributed 33.2% and chemicals made up 9.2% while the oil and gas category had 5.7% of the total U.S. imports from Russia.
California exported $531 million in goods to Russia in 2017. 25.7% was attributed to computer and electronic products, 20.3% consisted of non-electrical machinery, transportation equipment made up 17.1%, and chemicals were the next highest exports, with 16.5%. In the same year California imported $1.82 billion from Russia. Top imports included petroleum and coal products with 53.8%, oil and gas that consisted 18.5%, primary metal manufacturing made up 10.5%, and transportation equipment made up 5.6% of imports. (U.S. Department of Commerce)
Foreign Direct Investment with Russia
According to the most recent figures, total investment by Russian business in the U.S. market reached $4.46 billion in 2017, while total U.S. direct investment into Russia reached $13.8 billion. Russian foreign direct investment (FDI) in the United States supported between 5,000 and 10,000 jobs in 2016. The top industry sectors for Russian FDI are: software and IT services, financial services, metals, coal oil and natural gas, chemicals, and business services. Select USA