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. Last Updated: 07/27/2016

Canadian Delegation Inks Deals

Canada and Russia concluded several trade and business agreements Wednesday, including a $400 million construction project, though most of the 50 companies in a major delegation visiting this week appeared to be looking rather than leaping.

Even so, the delegation's leader, Canadian Foreign Trade Minister Art Eggleton said he still expects Canada to reach its goal of doubling trade with Russia by the year 2000.

"There is a great desire on the part of the Canadian business community to step up the involvement in terms of trade and investments in Russia," he said.

Teron, a Canadian construction company, signed a $400 million joint-venture agreement with partners in Moscow and the republic of Udmurtia in Central Russia to build 4,000 residential apartments in 1997.

Company Chairman William Teron said he expected the venture to land even bigger projects in subsequent years.

Molson, Canada's oldest and largest brewer, is also boosting its presence in Russia with this week's official launch of its premium brands here.

Though government statistics show a sharp drop in domestic demand for beer in recent years, Molson International representative Monte Kwinter said he believed that the company, "given its resources and reputation, will get a fair share of the Russian market."

Despite the delegation's high-profile approach, only a few concrete deals were agreed upon among the 50 companies taking part in the second Canada-Russia Intergovernmental Economic Commission meeting.

Northern Telecom announced that it is joining the Russian Telecom Forum, an organization under the aegis of the Communications Ministry, to allow the Canadian company to learn more about local laws and regulations in the fast-moving sector.