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The International Magazine
for the Wire and Cable Industries
US copies only
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EuroWire
(ISSN No: 1463-2438)
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Looking to the East
I
n May and June this year, the wire
and cable industry will be looking
to the CIS to find out what’s newest
and best in our sector. EuroWire’s
March issue included a preview of wire
and Tube Russia 2009; and this issue
introduces Wires & Fasteners Kiev.
While the global outlook remains
grim, Russia is weathering the storm.
Despite a forecast contraction of
2 per cent of GDP this year the Russian
stock market is said to have grown,
with shares climbing 20 per cent over
the last three months; the rouble
has stabilised since it was declared
the third worst performing currency
(Russia’s central bank now holds
reserves estimated at $400 billion);
and a stable oil price of just over $50
a barrel is helping to fund Russia’s
ambitious stimulus package and
planned infrastructure spending.
Reliant though it is on exports, Russia’s
economy may be better placed to
withstand the global economic
vagaries than those countries, such as
the UK, that have become increasingly
dependent on the financial and service
sectors as generators of the national
wealth. In June 2008 the Russian
government announced an increase
in infrastructure investment to over
€650 billion over 15 years. In 2008
spending reached $420 billion, the
majority of which went into the railway
network. The political will to invest in
infrastructure, and the unwillingness
to renege despite the current climate,
appears to be attracting foreign
investment too.
Although workers within the CIS
countries are facing the same concerns
as their counterparts elsewhere In
Europe (shorter working weeks for
less pay, for example) the government
approachseems tobe slightlydifferent,
and the result will be interesting to
witness.
Perhaps visitors and
exhibitors inMoscow
will find the Russian
spirit of optimism
andconfidence(what
I’ve heard described
as “the survivor
trait” in the Russian
personality)
will
prove contagious.
Gill Watson