More than half of German firms in Russia saw income and profits rise "significantly" in the first six months of 2012, according to the results of a survey by the Russo-German Chamber of Commerce.
About 20 percent of companies became more active in Russia as a result of the euro-zone crisis, the chamber said in an e-mail to journalists on Wednesday.
German investment in Russia reached $25 billion, including $11 billion in direct investment during the period, the chamber said. Foreign investment in Russia overall rose 6.2 percent year on year, it said.
Half the companies surveyed continued to invest, with about two-thirds having added staff, the chamber said. Eighteen percent of respondents said Russia was their most important market, while the remaining companies said the country ranked in their top 10.
Mid-sized German businesses suffer from a shortage of Russian partners, something the Russian government could address by helping the "technically well-developed" middle class reduce the government's role in the market, the chamber said.
Experts expect bilateral trade in 2012 to approach 80 billion euros ($102 billion), the chamber said. Trade reached $75 billion last year, growing 29 percent year on year.
Germany accounted for 8.7 percent of Russia's foreign trade in 2011, making it Russia's second-largest trading partner behind China, which accounted for 10.2 percent.
A Message from The Moscow Times:
Dear readers,
We are facing unprecedented challenges. Russia's Prosecutor General's Office has designated The Moscow Times as an "undesirable" organization, criminalizing our work and putting our staff at risk of prosecution. This follows our earlier unjust labeling as a "foreign agent."
These actions are direct attempts to silence independent journalism in Russia. The authorities claim our work "discredits the decisions of the Russian leadership." We see things differently: we strive to provide accurate, unbiased reporting on Russia.
We, the journalists of The Moscow Times, refuse to be silenced. But to continue our work, we need your help.
Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just $2. It's quick to set up, and every contribution makes a significant impact.
By supporting The Moscow Times, you're defending open, independent journalism in the face of repression. Thank you for standing with us.
Remind me later.