Financial Times: Russia has seen an agricultural boom
Due to counter-sanctions against the West, local producers have received the benefits, which can be used
Russia gives a lot of opportunities for investment including through agricultural boom, which is now facing the country, writes the business publication Financial Times.
The author recalls that in 2014 Russia responded to Western sanctions with countermeasures imposed an embargo on the import of food products that have created opportunities for local production. In Europe and the United States did not believe that this will lead to positive changes. However, at least in agriculture, the optimism of the authorities was justified.
In 2016, Russia took first place in the world in grain exports. The total harvest reached a record 119 million tons, of which 34 million were sold abroad.
Russian producers have also replaced the import in the production of pork and chicken meat. Russia has become one of the leaders in the supply of sugar beet. Greenhouse vegetables for a year has grown almost on third more. As the author notes the FT, this allows farmers to invest in new technologies and thereby develop the sector.
"Russian agricultural boom shows that, despite the sanctions and problems in East-West relations, in the market there are a lot of opportunities," the paper concludes.