Russian Fertilizer Giant PhosAgro Announces Plans To Open Office In South Africa

SOCHI (UrduPoint News / Sputnik - 24th October, 2019) Andrey Guryev, the director-general of Russian fertilizer producer PhosAgro, announced plans to open an office in South Africa during a plenary session of the Russia-Africa forum, the company said in a press release.

"The director-general of PhosAgro and the president of the Russian Association of Fertilizer Producers, Andrey Guryev announced, at a plenary session of the Russia-Africa summit in Sochi, plans to open a trade office of the company in South Africa," the press release, issued on Wednesday, read.

According to the company, it planned to double or triple exports to South Africa in the comping five years, so it planned to open the representative office in Capetown.

Notably, the share of South Africa in PhosAgro's exports to the continent exceeds 40 percent.

African countries' economies are highly dependent on agriculture which forms up to 30 percent of the states' Gross Domestic Product.

Russia is one of the largest fertilizer and agricultural products importer for African states.

The first-ever Russia-Africa summit and business forum, co-chaired by the presidents of Russia and Egypt, began on Wednesday. Over 40 African nations are being represented by heads of state or government at the summit, while 11 others have sent their vice presidents, foreign ministers or ambassadors.

The Rossiya Segodnya International Information Agency is an official media partner of the event.