Official: Most German Companies Believe Russian Market Has High Potential

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Nearly 75 percent of German companies with businesses in Russia praise the potential of the Russian market, despite the anti-Russian sanctions adopted by the European Union, chairman of the Russian-German Chamber of Commerce Michael Harms said during a presentation on Thursday.

MOSCOW, September 11 (RIA Novosti) – Nearly 75 percent of German companies with businesses in Russia praise the potential of the Russian market, despite the anti-Russian sanctions adopted by the European Union, chairman of the Russian-German Chamber of Commerce Michael Harms said during a presentation on Thursday.

"More than a half, almost 75% [of German companies], view the potential of the Russian market as high and very high. Only a minority view it as problematic," said Harms, presenting the results of a survey on the impact of Western sanctions on German business in Russia.

Approximately 300 German companies with business in Russia participated in he August 2014 ECT survey.

More than half of the companies surveyed said that they had been in steady development or significant growth.

However, Harms also noted that the situation in each industry is unique.

"Those companies that operate in the field of investment manufacturing, feel worse than manufacturers of consumer goods, and those who have production facilities in Russia," he said.

Relations between Russia and the West have deteriorated as a result of the ongoing situation in Ukraine.

In late July, the EU and the United States shifted from issuing sanctions against individuals to measures, targeting entire sectors of the Russian economy.

In August Russia responded to Western sanctions with a ban on certain food imports from the European Union, the United States, Canada, Australia and Norway.

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