Russia may became a so-called tugboat for the global economy as the country is seen by foreign investors as a state with a growing consumer market, upgrading industrial sector and improving investment climate, Head of Europe, Middle East Africa for Japan’s Mizuho Corporate Bank, Atsushi Narikawa, said on Wednesday.
“Although there are still many problems, we expect that Russia could play a role of a tug for world economy in future owing to improvement [of the investment climate and industrial upgrade],” Narikawa told RIA Novosti.
Narikawa, one of the participants of the St. Petersburg International Economic Forum to be opened on Thursday, said that Japanese companies are interested in doing business in Russia not only because the country has huge natural resources.
“Russia with its breathtaking economic growth in recent years is one of the most important markets for Mizuho Corporate Bank. There is no coincidence in that, as the bank’s achievements in Russia have grown rapidly in recent years,” he added.
Mizuho Corporate Bank and its Russian subsidiary signed a cooperation agreement with Russia’s top lender Sberbank in September 2011 to grant loans totaling $500 million to Japanese companies which are doing business in Russia or plan to start.