Officially started in 2013, the business relations that link the Principality of Monaco and Russia continue to expand. A number of business opportunities in Russia have been established for Monegasque businessmen and a large range of activities in key sectors make the Russian economic market one of the largest in the world.
In 2013, the Monaco Economic Board (MEB) started its first official mission in Russia. Michel Dotta, President of the Monaco Economic Board, had the opportunity of participating in the first mission and met with President Putin. The mission set off a phase within a relatively intense business climate between the two countries. Michel Dotta believes that Monegasques can find an enormous amount of advantages in Russia, for example, some business companies which are not well known in Monaco may be one of the world leaders, thanks to the Russian business market.
Mireille Pettiti, Ambassador of Monaco in Russia, believes that from an economic point of view, there are some big enterprises in Russia in sectors which may interest enterprises from Monaco. She believes there are a lot of opportunities at this time for enterprises from Monaco to invest in and find partners in Russia. And the same can be said for Russians, who can benefit from enterprises and services from Monaco and access other markets through Monaco. Thanks to the different Economic Missions, the MEB has had the opportunity to explore several sectors which have been fruitful for enterprises in Monaco, like telecommunications, and above all, renewable energy and the agricultural food sector.
Igor Yurgens, Consul of Monaco in Moscow, believes that the intergovernmental relations between Russia and Monaco are exemplary. The cultural and scientific exchanges between the Principality and Moscow demonstrate that, in principle, a deeper development of relations between the two countries would be favourable.
After the success of the two last MEB Economic Missions in 2016 and 2017, relations between Monegasque entrepreneurs and Russian entrepreneurs are in excellent shape. It is therefore essential to perpetuate the dynamic, maintain the beneficial agreements between the two countries and continue to improve upon their solid foundations.