The Board of Directors of Russian Export Center JSC (REC) has made a decision to replace Andrey Slepnev, the current CEO of REC, by Veronika Nikishina, who has been a member of the Trade Board of the Eurasian Economic Commission (Minister) since 2016. Apart from that, the Board of Directors has confirmed achievement of the 2019 REC corporate performance indicators in full.
Last year, REC supported a total export volume of US$19.5 bln, while the target was US$17.2 bln. This is the highest value in the history of this state-owned institution established to support the development of non-resource non-energy exports sector. The figure grew by 3.7% in comparison with 2018 (the supported export volume was US$18,8 bln), 35.4% in comparison with 2017 (US$14.4 bln), 107.4% in comparison with 2016 (US$9.4 bln) and 195.5% in comparison with 2015 (US$6.6 bln).
A number of high-profile transactions were closed to export engineering products to Cuba, Egypt and Uzbekistan, implementation of projects in Turkmenistan was supported, large shipments of agroindustrial products were made to China, EAEU and EU. REC was one of the key promoters of the Russia-Africa Year, which held the Russia-Africa Economic Conference jointly with Afreximbank and acted as a co-promoter of the Russia-Africa Forum on the sidelines of the Sochi Summit. This resulted in creation of an institutional financing facility for trade operations with more than 10 African countries.
A target of 11 thousand supported exporters was also achieved. The number of exporters, which were supported in 2019, exceeded the target by 3% and the same value for the last year – by 8%.
Thus, in 2019, REC Group's financial instruments were used to support 12.6% of the total Russian non-resource non-energy export volume and considering the support REC provided as agents and promoters, the figure was 17.6%, which meets the best global benchmarks.