Russia aims to double trade with Africa in 5 years: Putin

Russian President Vladimir Putin. File photo
Russian President Vladimir Putin. File photo

President Vladimir Putin said Wednesday that Russia would aim to double trade with Africa over the next five years, at the opening of a summit aimed at reviving Moscow's ties with the continent.

"We currently export to Africa $25 billion worth of food -- which is more than we export in arms, at $15 billion. In the next four to five years I think we should be able to double this trade, at least," he told African leaders at the Black Sea resort of Sochi.

"In Africa there are very many potential partners with good prospects."

Putin said the current level of trade between Moscow and the continent was "not enough".

"African countries are attracting ever more attention from Russian businesses," the president added, highlighting a number of major Russian companies that were already working on the continent.

Dozens of African leaders are in Sochi for the first Russia-Africa Summit, as Moscow seeks greater influence on a continent where the West and China have a firm foothold.

The two-day event will see more than 3,000 delegates prepare deals and discuss topics from nuclear technology to mineral extraction. 

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