Italian Firms Want More Business In Russia - Entrepreneurs' Association: Vittorio Torrembini

Italian companies continue to inject money into Russia's economy due to the advantages this investment brings but feel that the current business volume is not enough, Vittorio Torrembini, the vice-president of the Association of Italian Entrepreneurs in Russia, told Sputnik on Thursday, adding that the sanctions against Moscow do not present an obstacle to investment

MOSCOW (UrduPoint News / Sputnik - 23rd May, 2019) Italian companies continue to inject money into Russia's economy due to the advantages this investment brings but feel that the current business volume is not enough, Vittorio Torrembini, the vice-president of the Association of Italian Entrepreneurs in Russia, told Sputnik on Thursday, adding that the sanctions against Moscow do not present an obstacle to investment.

"Sanctions do have an impact, mostly on credit policy. Clearly, for Italian companies, it is selling technology and equipment, this is a negative factor. But I can say that investment continues, of course, less than it was 5-6 years ago, but, still, it exists. Special economic zones are helping, new initiatives of [the Russian] government are helping, but, so far, it's not what we are looking for in terms of volumes," Torrembini said.

He also stressed that there was a lot of support in Russia in terms of investment because of its "many good [investment] tools.

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"Typically Italian sectors like construction materials, agricultural machinery, food industry, related items, are developing well. There are also initiatives to produce components for several industries, including automobile ... etc.," Torrembini noted.

Italy invested around 350 million Euros ($390 million) in Russia in 2018, but, according to Torrembini, this number is expected to reach up to 400 million euros this year.

Relations between Moscow and the West deteriorated in 2014 after Crimea's reunification with Russia and amid the crisis in eastern Ukraine. The European Union and the United States imposed restrictive measures against Russian individuals, companies and economic sectors. Moscow has responded by imposing restrictions on food imports from the countries that supported the sanctions.