Better Times Are Ahead

Grace Cuddihy

In these difficult times, it is more important than ever to recognize the achievements of those working on the Russian market and the challenges they face. In this issue, we speak to Deborah Haines, general manager at the Radisson Blu Paradise Resort and Spa Sochi and the district director of Radisson Russia about the peculiarities of working in Russia.

Many international companies chose to leave the Russian market or to cancel expansion plans because of the economic turmoil and political uncertainty. However, many chose to stay and the market can still be a lucrative one, with many success stories. Production costs have become considerably cheaper and manufacturers in the lower price segment in particular have taken advantage of the changed market conditions.

We spoke to Antonio Linares, general director of the Roca Group, a company which has been present on the Russian market for 10 years. He tells us that a love of Russia and a commitment to being here can still bring handsome rewards, as long as the company has a strong and committed team and respects and adapts to the peculiarities of the Russian market.

Olga Bantsekina from Coleman Services believes that a crisis is always a good time to start a business and tells us about the development of the recruitment sector in Russia and how the needs of Russian companies have changed. She encourages foreign investors to take a chance on Russia.

The business climate has undoubtedly become more challenging in the country in the past 18 months and the level of competition across almost all sectors has grown. Foreign companies are facing increasingly restrictive legislation and a 'localization' drive.

However, The Moscow Times spoke to a number of experts and explains that, although times are tough now, the crisis has likely already hit the bottom and we will see positive developments in 2016, including modest growth and the increasing stabilization of the ruble.

The crisis has forced all companies to think creatively and seek ways to meet the challenges. Andrei Kuznetsov, chairman of the board of J&T Bank describes the difficulties faced by his bank and the entire banking industry this year, but he remains optimistic about his bank's prospects and the future of the industry.

The business community in Moscow will get the chance to come together at The Moscow Times Awards on Dec. 2 in the Metropol Hotel and acknowledge those who make a positive contribution to city life and work hard to change Moscow for the better. It is important to recognize the achievement of those who promote Moscow's image on the world stage and to help members of the international community to succeed in Russia.

The business community in Russia has reasons to be optimistic, as there really does seem to be light at the end of the tunnel. A willingness to adapt and meet the challenges posed by doing business in Russia can ensure that companies remain in Russia, even in these trying times.

Grace Cuddihy

Doing Business in Russia 2015
Doing Business in Russia 2015
The business community in Russia has reasons to be optimistic, as there really does seem to be light at the end of the tunnel.
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