A recent poll by the German-Russia Foreign Trade Chamber found that German business wants to stay on and keep investing in the country despite EU sanctions. Around 6,000 German firms still maintain a presence in Russia.
"The Russian market will not lose its attractiveness to German business in the medium and long-term perspective," Mangold, the former member of the DaimlerChrysler board, said.
Mangold added that some companies had reduced investment in Russia following EU’s decision to slap Moscow with economic sanctions due to its alleged role in the Ukrainian conflict. "Others are, on the contrary, investing counter-cyclically and expanding their presence despite the crisis," he noted.
Companies involved in machine-building, car-making, electrical engineering and chemical industries are faring the best, Mangold noted.
"On the contrary, other countries have increased their presence in the [Russian] market. Judging by this trend, it seems very likely that German enterprises are going to lose their market share in Russia," the businessman said, answering the question on the effect of Western anti-Russia sanctions on trade turnover between Germany and Russia.
Last week, a delegation of German businesses led by Mangold came to Russia at an invitation from Russian Economic Development Minister Alexei Ulyukaev, who visited the southern German state of Baden-Wuerttemberg last year.
A slowdown in trade between Russia and Germany followed the European Union’s decision to impose economic sanctions on Russia’s key economic sectors in summer 2014 over its alleged role in the Ukrainian crisis.
