Russia

The Russian Federation, the 8th largest economy globally has been progressively liberalizing its market economy to attract an increase in foreign investment. The nation, which borders both Asia and Europe, has adopted a Customs Code and technical regulations in order to provide a transparent and reliable mode of import and export. The government has further expedited the company formation and maintenance processes by introducing electronic documentation systems across a variety of operations, and improved migration procedures for highly skilled workers.

At present, the Russia’s GDP stands at well over one trillion, with approximately 60% of the revenue originating from the services industry, an industry well-suited for foreign investment. Another large source of revenue from the state originates from natural resources, including gas and oil, which the country is rich in. Russia is home to an extremely expansive and creative workforce, with high concentrations of high-tech companies, high graduation rates in STEM fields, and a high level of application for patents, owing to their creativity.

Russia has free trade agreements with various Commonwealth and Eastern European states as it seeks to lower the costs of doing trade and allowing a freer flow of goods. Further, the willingness of EU countries to work with Russia evidences its role as a gateway to not only the general Asian market by way of its borders with China, but also Eastern and Western Europe. All these improvements in the past years show a Russian willingness to engage with international markets. At present, thousands of foreign companies operate in Russia with great success.