Russia Sees Prospects of Value-Added Exports to Asia-Pacific, ASEAN States

Russian manufacturers have huge perspectives to promote their value-added products in China, APEC and ASEAN member states, Russian First Deputy Prime Minister Igor Shuvalov said Friday.

KAZAN (Sputnik) — Russian manufacturers have huge perspectives to promote their value-added products in China, the Asia-Pacific Economic Cooperation (APEC) and the Association of Southeast Asian Nations (ASEAN) member states, Russian First Deputy Prime Minister Igor Shuvalov said Friday.

"We understand that under the current difficult economic conditions we should all work together to produce competitive [value-added] products for our internal market and to competitively promote on markets, which are important for us. These are Chinese market as well as APEC and ASEAN markets. And we see huge prospects there," Shuvalov said at a meeting devoted to development of value-added exports.

According to Shuvalov, it is impossible to develop these markets without state support and the Russian Export Center (REC) was created to provide such assistance.

The Russian Export Center (REC) is a state institution of exports support established within the Vnesheconombank (VEB) state development and foreign economic affairs corporation to provide financial and non-financial assistance to Russian exporters. The institution was created in April 2015.

Earlier in June, VEB decided to increase the REC charter capital up to $760 million. According to VEB, it can provide additional support for Russian exporters amounting to $623 million in credits.