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end of this year. In 2016, trade turnover between China and Russia grew by 2.2% and reached $69.52bn. In 2017, it increased by 20.8% to $84.07bn. More recently president Vladimir Putin and China’s president Xi Jinping set a new goal of $200bn by 2020 and at the current rate of expansion this looks entirely achievable. Following the collapse of the Soviet Union in 1991 the mutual trade turnover was a bit less than $5bn.
Thailand’s Prime Minister Prayut Chan-o-cha will try to increase the volume of bilateral trade with Russia to $10bn (330bn baht) by 2020, the Bangkok Post reported on November 15 citing Deputy Government Spokesperson Lieutenant General Werachon Sukondhapatipak.
The trade between Russia and Portugal may reach $1.5bn by the end of 2018, Russian Foreign Minister Sergey Lavrov said in an article published in the Portuguese newspaper Publico on November 24.
Russia plans to start supplying frozen poultry to China by the end of 2018, the Ministry of Agriculture said on November 7, claiming that Russian sanitary watchdog and China's customs have agreed on sanitary and veterinary requirements. Local poultry producers have been among the largest benefactors of post-sanction import substitution drive, and anticipated major Chinese marker opening up. Earlier this year bird flu outbreaks resulted in temporary bans of exports to EU for some producers. "Exports to China mean above all improved production profitability and sales of products which are not in demand in our market (like offal)," Sergei Yushin, President of the Russian Meat Association, told Reuters on November 7 following the announcement. Next step will include agreeing on the list of Russian producers allowed to supply poultry to China, according to Yushin. Making the list would become a major catalyst for such companies. Largest poultry players in Russia include Cherkizovo, Eurodon, Prioskolye, Miratorg. Cherkizovo recently announced acquisition of production assets from Prioskolye and could potentially strengthen its positions in the Russian poultry market as one of its main competitors Evrodon is reportedly in trouble and looking for investors to support the company. Opening of Chinese market could make an attractive acquisition target of one of Russia's largest poultry producers Belaya Ptisa (White Bird) of the former co-owner of bailed out Promsvyazbank (PSB) Dmitri Ananyev, which is likely to be transferred to the "bad assets" fund formed by the Central Bank of Russia.
41 RUSSIA Country Report December 2018 www.intellinews.com