Business News

Companies to Form Consortium to Enter Russian Market

Ljubljana, 24 May (STA) - Three Slovenian companies and two chambers of commerce signed a letter of intent on Tuesday in Ljubljana to work together in the area of efficient energy use in the Russian market.

The move is the first step towards forming a consortium of Slovenian companies which will try to get business deals in Russia, said Ales Cantarutti of the Chamber of Commerce and Industry (GZS).

Apart from the GZS, the letter of intent was signed by the Chamber of Trade Crafts and Small Business (OZS) as well as companies Comita, Menerga and Robotina.

Cantarutti, director of the GZS Centre for Competitiveness, believes that at a time when exports are a major engine of Slovenia's economy, it is vital that companies work together to enter foreign markets.

Russia is a major opportunity for Slovenia, especially in the area of efficient use of energy, said Aljosa Ivancic of Comita, which gave the idea for the project.

"Russia is at a stage when they are starting to save energy, which is a big business opportunity for us," said Ivancic, whose company has already started some investments there.

Robotina CEO Devid Palcic moreover said that "energy use is perhaps one of a few areas where Slovenian companies are very competitive globally and have a lot of know-how and quality products".

He believes Russia is a market with high standards, which will require a lot of hard work and a very good team. "We expect this to be the beginning of a success story."

Cantarutti added that the GZS would do its best for "the success story to happen". Given that this is a technological project, it will get some funds from the Slovenian Economy Ministry in its first stage.

The GZS and OZS will meanwhile primarily step in in the last stage when the consortium will have to be formed and when "first steps will have to be taken in Russia".

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