Metal office furniture manufacturing hit a record level in the first half of 2021.

Sales of pharmaceutical drugs soared in Russia in 2020 as a result of the COVID-19 pandemic.

Russia is highly dependent on imports in this category, and the U.S. is not yet among its top import sources.

The market is dependent on imports, with demand increasing due to the pandemic.

The market is dependent on imports, with demand increasing due to the pandemic.

Sustainability, convenience and shelf life are among the trends driving the new types of packaging needed in the market.

As industrial bakeries decline in market share and smaller bakeries rise in number, there is a demand for machinery as well as franchise opportunities.

The industry is sizable but needs help modernizing and transitioning to value-added paper products.

Opportunities for Wisconsin companies

Wisconsin manufacturers can supply equipment to the world's eight-largest food market.

An estimated 80% of the plants are in need of modernization.

More than 90 percent of woodworking equipment in Russia is imported, and Wisconsin manufacturers of this equipment can help meet the need.

Despite the sanctions currently in place, opportunities exist to supply products not subject to sanctions, such as tea, coffee, wine, beer, spirits, baked goods and candy.

This strong growth is creating opportunities for Wisconsin companies.

Wisconsin companies should not just assume their usual business customs will lead to the desired results.

Even though the country exports in all these categories, its imports in the same categories are significant, and Wisconsin companies can supply some of these imports.

Agriculture and information technology are two particular areas of opportunity.

The U.S. is the second-highest source of this investment, and Wisconsin companies not yet considering this market may wish to take a closer look.

Foreign investment into Russia has moved from a net outflow to a net inflow for the first time since 2012.

With domestic demand not matching up to production capacity, the Russian government is subsidizing exports.

The Russian government offers subsidies to makers of medications on the essential drugs list, and Pfizer and Abbott Laboratories have already launched agreements with Russian partners to allow them to enter the market.

Russia’s manufacturing sector attracted most of the foreign direct investment in the country in 2015, as the number of projects with full or partial foreign ownership rose to a record level.

The Russian government has moderated the embargo conditions placed on products imported from the U.S., Canada, Australia, the EU countries, Ukraine and several other European countries. According to a ruling published on the official site of the Russian Legal Information Service, the ban has been lifted on poultry meat, frozen beef, and dried and frozen vegetables used in the production of baby food. Importers will have to prove that products entering Russia are intended for children’s consumption. The Ministry of Agriculture has been tasked with developing a method for authenticating these deliveries. It will also determine the acceptable volumes of the imported products that are no longer affected by the ban.

Market News Update Market: Russia Date: January 2016 Investors May Benefit from Russia's Economic Turmoil Why this is important to Wisconsin businesses: U.S. and European companies are opening facilities in Russia to take advantage of low labor, energy and materials costs. Industry/sector: Multiple Sectors Despite a drop in oil prices, Russia’s economy is still generating enough currency to…