First ever Russia-Africa summit in Sochi: 43 leaders aim to boost cooperation

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The volume of trade between Russia and the African continent has doubled over the past five years, according to Russian Economic Development Minister Maksim Oreshkin.

Talking to RT on the sidelines of the Russia-Africa summit in Sochi, he said Russia’s trade with some African countries is concentrated on a narrow range of goods. That’s why “the major issue of developing economic ties with Africa lies in diversification,” Oreshkin said.

According to the minister, Russia has a great amount of goods, technology, and projects that it could offer. At the same time, many countries in Africa really need those projects, he explained.

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