Support The Moscow Times!

Putin Hopes for $50Bln Russia-Italy Bilateral Trade This Year

TRIESTE, Italy — Russia and Italy hope that bilateral trade will reach $50 billion this year, President Vladimir Putin said Tuesday after talks in Trieste with the Italian prime minister.

"Italy is fourth among Russia's largest trade partners," Putin said. "Bilateral trade has been growing. This year, despite problems in the global and European economy, it will grow by another 24 percent. I think it will reach or even exceed the $50 billion mark."

Bilateral trade last year totaled $45.8 billion. It grew 24 percent in January through September this year.

Putin said Russia's investment in Italy over the past four years quadrupled to $500 million, while Italy's investment in Russia grew to $1 billion.

Putin said Russia and Italy will also establish a joint investment fund managing $1.4 billion.

(RIA Novosti)

Read more

Independent journalism isn’t dead. You can help keep it alive.

The Moscow Times’ team of journalists has been first with the big stories on the coronavirus crisis in Russia since day one. Our exclusives and on-the-ground reporting are being read and shared by many high-profile journalists.

We wouldn’t be able to produce this crucial journalism without the support of our loyal readers. Please consider making a donation to The Moscow Times to help us continue covering this historic time in the world’s largest country.