Economic Cooperation

Broadening economic cooperation is one of the priorities in promoting links between Russia and Scotland.

Historically, there was particularly active trade between Scotland's East Coast and Russia's North and Baltic regions. In the Russian Empire the Scots would often found new enterprises.

The bulk of economic links now is Scotland's food and drink export to Russia that amounts £50 mln a year (out of Scotland's total £215 mln exports to Russia), with whisky accounting for £26 bln.

Another well established area of trade is services in oil and gas.

Many existing trade links are maintained by the small and medium enterprises.

The potential for developing trade and investments is huge though.

Russia was listed in 2014 as one of 15 priority prospective markets for Scotland's food and drink export.

There is both potential and demand for cooperation in renewables, software and life science.

Direct links between Scotland and Russian regions also seem very promising.

Even more so, the number of Special Economic Zones have been in Russia to facilitate trade and investment cooperation, one of them is located in Lipetsk region. The region's delegation visited Edinburgh in 2013 to tell Scottish business of all the fascinating benefits it may provide both for trade and investments. Similarly, Scottish Government provides incentives for the foreign business to invest to Scotland.