Russian business delegation reawakens relations

After 20 years of dormant relations between Malta and Russia, a Russian business delegation is to visit Malta to explore market opportunities. Russian Foreign Minister Sergey Lavrov, who on Tuesday accepted his Maltese counterpart Tonio Borg's invitation to visit the island, said he hoped members of the Maltese business community would show interest in the Russian market and expand their presence there.

Addressing a joint press conference with Mr Borg in Moscow, Mr Lavrov said the two countries had "good plans to expand economic, commercial and investment cooperation".

Dr Borg's visit is the first ministerial trip to Russia in two decades.

He emphasised the potential to increase investment from Russia, and to open new market opportunities for local entrepreneurs. Malta exports almost €2 million a year to Russia, mostly pharmaceuticals and plastics; 307 companies are registered under Russian ownership in Malta.

The two countries have agreed to further discuss the technical issues of the pending double taxation agreement. The facilitation of visa issuance is also being examined, particularly as Russian tourists are increasingly showing interest in the Maltese destination. Last year, tourist arrivals from Russia topped 23,000, up 7,000 since 2005.

Mr Lavrov said agreement had to be reached on the best timing for his visit.