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The Slovak Republic presents ratification documents for the International Investment Bank and the International Bank for Economic Cooperation in Moscow today

The Slovak Republic presents ratification documents for the International Investment Bank and the International Bank for Economic Cooperation in Moscow today

17.7.2018 | Aktivity štátnych tajomníkov |

Lukáš Parízek, State Secretary of the Ministry of Foreign and European Affairs of the Slovak Republic, held inter-ministerial consultations in Moscow and presented the Russian partners with two important ratification documents today (17 July 2018).
 

Parízek´s talks with Vladimir Titov, Deputy Foreign Affairs Minister of the Russian Federation, summarized the state of play within political, parliamentary and economic cooperation, its legal and contractual basis, prospects for education and grant programs, and development of cultural and historical activities.  The consultations were held as part of the plan for 2017-2018.
 

During the meeting, Parízek officially presented ratification documents regarding the protocols amending the agreements on International Investment Bank (IIB) and the International Bank for Economic Cooperation (IBEC) to the depository of the Ministry of Foreign Affairs of the Russian Federation.
 

In doing so, Slovakia is significantly reinforcing the legal basis, making a way to extended trade and investment opportunities under international financial institutions. “The economic and trade cooperation of Slovakia and the Russian Federation is lagging behind the opportunities of both countries. The increasing economic growth gives opportunity to Slovak business entities in energy, electro-technology, engineering, the food industry and certification,” stated Parízek about the milestone in the relations. 
 

During his working meeting to Moscow, Parízek also held a meeting with IIB and IBEC representatives. In his address, Alexandru Florescu, Deputy Chairman of the IIB Board, pointed to the plans of both banks to harmonize their activities so that both banks effectively complement each other´s activities, thus maximizing their overall effect for the member countries.  Denis Ivanov, Chairman of the IBEC Board, informed Parízek about results of the recent reform of the bank and financial instruments for realizing trade projects for Slovak business entities. In addition to Russia, both banks associate some CEE countries and countries like Mongolia, Vietnam and – in case of IIB – Cuba as well. While IIB plans rather to concentrate on long-term investments and project funding, IBEC specializes on providing commercial credits for small and mid-sized enterprises, business funding, and clients´ account management. The presentation of the two protocols by the Slovak Republic officially finalized the process of their ratification.
 

An important part of the working visit included talks with Alexander Grushkov, Deputy Foreign Affairs Minister of the Russian Federation, during which Parízek informed him about key priorities and current preparations for Slovakia´s Chairmanship of the OSCE in 2019 and they both assessed the opportunities for cooperation.
 

Slovak-Russian foreign trade turnover in 2017 reached €4.843 billion, which means growth of 18.45% compared to 2016. Trade limitations have made the Russian Government seek to modernize domestic production and attract foreign companies, especially through making localized production advantageous. The localization of production or delivery of capital goods for modernizing Russian companies represent prospective cooperation for Slovak companies as well.