American companies have clearly demonstrated their desire to stay in the Russian market and are certain that the current crisis will not last long, Daniel Russell, president and CEO of the US-Russia Business Council, said in Moscow on Friday.
"It’s important to realize that many of us here are companies that invested in Russia prior to the 1998 crisis and were in the market by the outbreak of the 2008 crisis… These companies have been working here for quite some time now, and I think they have proven their long-term adherence to the Russian market and their wish to work with their Russian partners. They are here to stay,” Daniel Russell said during the Russia-North America: New Challenges and Strategies for Business Cooperation roundtable.
These companies survived the previous economic crisis and they will survive this one too. The nature of the current crisis is different, but I believe that we will overcome it nonetheless, he added.
Daniel Russell said he believed the prospects lying ahead could still be very good because the fundamental things remained unchanged.
Russia still boasts considerable resources, including human, while the United States has the technologies and capital to invest in the development of these resources, so this is a mutually-beneficial process, he emphasized.
The St. Petersburg Forum, running June 18-20, traditionally brings together the heads of state and government, as well as the heads of major businesses from around the globe. The theme of the SPIEF-2015 is Time to Act: Shared Paths to Stability and Growth.