International Business: Focus on Russia

Published on Wednesday, 24 October 2018

Over a span of many years, Russia and Italy have remained more than just strategic partners in industry, commerce, economy and culture. Our relationship is characterized by strong and friendly ties.

It is eloquently illustrated by the current visit to Russia of an Italian delegation of key business representatives, led by the Italian Prime Minister Giuseppe Conte. The importance of the visit is obvious - the delegation was received by the President of Russia Vladimir Putin and the Prime Minister Dmitry Medvedev.

“Recently Russia and your country enjoyed decades of very business-minded and at the same time very warm relations, which are supported by practically all political forces both in Italy and in the Russian Federation. Despite the difficult times, we never lost that high level of political contacts and always sustained them”

– Vladimir Putin, the President of the Russian Federation

The bilateral negotiations held allowed to raise the most relevant issues of the Russian-Italian commercial, economic, cultural and humanitarian cooperation, as well as to discuss the implementation of major joint projects in such areas as industry, high-tech and energy sector. It was to the energy sector that the participants of the meeting paid special attention, because there both countries have achieved overall high results. Moreover, there is a big potential for cooperation in the field of investment and project development, including renewable energy.

That was the reason behind the visit of the CEO of Enel Francesco Starace as member of the Italian delegation. As Vladimir Putin noted in his speech, Russia welcomes "the commitment of the Italian business to invest in the development of the Russian electric power industry, in particular, the participation of Enel in the modernization of generating capacities, in the construction of wind farms in the Murmansk and Rostov regions."

A series of agreements between Russian and Italian companies were signed in the presence of the President of Russia and the Italian Prime Minister against the backdrop of the meeting.

Confirming the ever growing commitment to develop business in the Russian energy market, Enel, acting through Rusenergosbyt, the Russian joint venture between Enel and ESN, sealed a strategic cooperation and partnership expansion with the Joint Stock Company Russian Railways (“RZhD”), in order to ensure stable and reliable power supply to the Russian railway company, and to continue long-term cooperation in the supply of electricity for the Russian Railways. The agreement was signed by Francesco Starace and the CEO of JSC RZhD Oleg Belozerov.

As a follow-up to the bilateral negotiations between the government and business representatives the parties confirmed that the commercial and economy cooperation was developing successfully, and also agreed to expand cooperation in key business areas.