The working meeting of the Vice-President of the Chamber of Commerce and Industry of the Russian Federation Vladimir Padalko and the Minister of Foreign Affairs and Trade of the Faroe Islands Poul Michelsen, who is on a working visit to Russia, took place at the CCI of Russia.
Vladimir Padalko told the Faroese guest about the chamber’s system in Russia and the role of the CCI of Russia in it. He stressed that the Chamber of Commerce and Industry of Russia is developing bilateral business contacts with the representation of the Faroe Islands in Moscow, which was opened in 2015.
A bilateral forum on tourism, a photo exhibition about the Faroe Islands, Faroese business missions to Murmansk and Kaliningrad were organized with the help of the Chamber over the past two years. In addition, a business mission to the Far East is planned.
Poul Michelsen thanked the CCI of Russia for facilitating the work of Farer's Moscow office. The minister stressed that Russia and Farer have already economic relations for more than 40 years. Russian fishermen and sailors are traditional guests in the Faroese ports, but now the cooperation has reached a new level: Russia accounts for more than a quarter of the value of Faroese exports.
According to Poul Michelsen, one of the promising areas of bilateral cooperation could be the energy. On the continental shelf of the Faroe Islands, oil and gas exploration has been underway since 2001. In addition, according to the Minister, the Faroes have significant potential in the field of renewable energy sources: hydro and tidal energy, as well as wind power. About 50% of the Faroe Islands' electricity is generated from renewable energy sources. The transition to receive 100% of electricity from renewable sources is planned by 2030. This also has the potential for business cooperation with Russia.
The parties agreed on further cooperation.
By CCI of Russia news reports