Export hopes prompt talks with Russia

FINANCE Minister John Swinney will stage Scotland’s first ever direct trade talks with Russia tomorrow in an effort to increase exports in areas such as food and drink.

Swinney is travelling to London to meet Russian ambassador to the UK, Alexander Yakovenko, and members of his business council.

Scotland has already made some headway in penetrating the so-called “BRIC” economy – which is predicted to become one of the world’s powerhouses – with exports of goods such as salmon increasing tenfold over the last three years.

Russia is now Scotland’s third largest export market for seafood, with strong demand for mackerel and herring in particular.

However, experts in this country believe there is strong potential for even greater sales, especially of premium products such as whisky.

According to the most up to date figures available, Scottish food and drink exports to Russia reached £89 million in 2010 while sales of Scotch whisky jumped 61 per cent to £31m.

Swinney said ahead of the meeting: “While Scotland and Russia may be vastly different in terms of geography, our economic ambitions are the same.

“Recent trade statistics show that there are obvious opportunities for collaboration in energy, consumer industries and culture and we are keen to make the most of these.”

The Finance Minister will also highlight the potential for collaboration in areas including oil and gas, renewable energy, life sciences, tourism and financial services.