The new faces of corporate Russia
Oil and gas still lord it over all other sectors of the Russian economy but beyond the energy markets other businesses are making their mark on the international stage. Euromoney identifies some of the rising stars.
|Irkut: Russian arms makers have
redirected exports to non-Nato
members such as China and India
and opened up to foreign equity
Russia is still heavily dependent on oil and gas but the non-energy sector is growing fast to cash in on ballooning domestic demand that high oil prices have helped to generate. Economic development and trade minister German Gref said in August that high oil prices had "ripened" the Russian economy and investment into sectors such as food processing and machine building are starting to bear fruit.
Raw material production still accounts for 70% of national production and attracts about 74% of invested capital, according to the EDT, while industry accounts for 27% of growth and its share is expected to fall.
Sectors such as hi-tech still only contribute about 4% to 5%, which is 10 times less than in developed counties. However, some private analysts say that the picture is actually much brighter if the shadow economy is taken into account.