Russia is shifting its trade and business cooperation from the West to Asia, according to Presidential Business Rights Commissioner Boris Titov. Titov made this statement at the Eastern Economic Forum in Vladivostok, noting that while the initial shift was politically motivated due to Western sanctions, it is now driven by economic reasons.
Titov stated that the Western economy is already heavily invested and sluggish, while the economies in the East, such as China, India, and Indonesia, are rapidly developing. He emphasized that the center of development is now in Asia, and Russia’s main energy consumers are located there.
Titov noted that Russian entrepreneurs have recognized the greater opportunities for business in the East. Even if relations with the West improve and sanctions are lifted, Russian businesses are unlikely to return to the West. The business climate in the East is more appealing for growth and collaboration.
The article further highlights Russia’s increasing ties with countries in the Global East and South in recent years. Although this process was initially driven by the conflict in Ukraine and subsequent Western sanctions, it has now gained momentum and support within Russia. According to a survey by the state-owned Russian Public Opinion Research Center, 67% of Russians approve of the eastward pivot, indicating a positive response to the country’s shift towards Asia.
Russia’s trade relations with China and India have significantly intensified. Russia has become the top oil supplier to both countries and is now the largest European exporter to China. These developments highlight the economic opportunities that Russia is capitalizing on in the Asian market.
Overall, Russia’s reorientation towards Asia is driven by economic considerations. The country’s entrepreneurs see the East as a more lucrative and dynamic market for business growth. This shift has gained support within Russia and is viewed as irreversible. As Russia continues to develop closer ties with Asian partners, it is positioning itself to benefit from the region’s rapid economic growth.