14th - 16th December 2009
Prince Andrew vists Russia, focussing on strengthening the business relationship between the two countries
This was an important visit to Russia in The Duke of York’s role as the UK’s Special Representative for International Trade and Investment. The business relationship between the two countries has been thriving, with UK investments amounting to over £26bn. BP is the single biggest investor in Russia and Russian companies account for a quarter of all foreign IPOs on the London Stock Exchange. Export-orientated British companies regard Russia as a key part of their portfolio. So, there is an important bi-lateral business relationship which needs to be supported and developed.
This visit centred on Moscow and focussed on supporting UK companies in the following areas: financial & legal services; energy (particularly energy efficiency); Olympic cooperation and hi-tech collaboration.
There were very useful discussions with President Medvedev’s economic advisor, Mr Arkady Dvorkovich, which highlighted the importance of modernising both infrastructure and the industrial system for an economy which is largely based on income from natural resources, hydrocarbons in particular. UK companies can and will play a part in this process.
The meeting with Deputy Prime Minister Dmitry Kozak focussed on the Winter Olympics in Sochi in 2014, and how the UK is ready and able to provide advice and assistance in developing what is a green field site, based on our own knowledge, skill and experience gained in building up our facilities for the 2012 Olympics in London. A Host2Host Memorandum of Understanding was already signed in June 2009 as a platform to share information on strategies and programmes for maximising trade development and inward investment.
The visit to TNK-BP (whose head office building The Duke of York opened during his 2004 visit to Moscow) and the discussions with Mikhail Fridman, the temporary CEO and Chairman of Alfa Group, were important to demonstrate BP’s and the UK’s commitment to Russia. They made the point that the problems of 2008 are now of the past, and that the relationship between the 50/50 partners BP and TNK is thriving. Mikhail Fridman, said:
“We are grateful that the Prince continues to follow TNK-BP’s fortunes, and my conversation with him shows that the Prince is deeply immersed in BP’s activities. I hope that, with his support, the company can be successful both in Russia and abroad.”
The seminar on constructing sustainable cities, and the two round table meetings both with UK financial services companies and with smaller UK companies in Russia, made the point that there are significant opportunities in Russia, and that the British companies are pleased to be involved.
There are particular opportunities in financial services, including re-insurance, insurance and pensions, none of which are highly developed in Russia at present.
The dinner with opinion formers on Monday night, and with German Gref, President of Sberbank (and previously Minister of Economics and Trade for Russia) on Tuesday night gave the opportunity to widen and deepen The Duke of York’s understanding of the political and economic system in Russia, and the opportunities for UK plc.
The Duke of York also found the time to meet staff in the British Embassy in Moscow, to thank them for all they do on behalf of the UK.
The Duke of York in his Special Representative role has visited Russia officially on three occasions to date. Most recently, during the visit to Sakhalin in February 2009, The Duke of York had very useful bi-lateral discussions with President Medvedev.
In his wider role as a senior member of the British Royal family, The Duke of York visited Russia in 2003 (when he personally escorted President Putin during the Russian State Visit to Great Britain), in 2005 (at ceremonies commemorating the 60th Anniversary of the end of the Second World War in Murmansk) and in 2007 (when he represented Her Majesty The Queen at the State Funeral for ex-President Boris Yeltsin).
