The Russian Federation is a dedicated and steadfast member of the CFC
Mr. Alexander Dyukarev, Head, UN and G20 Division at the Ministry of Economic Development of the Russian Federation and Managing Director Ambassador Sheikh Mohammed Belal met virtually to explore possibilities for closer cooperation and synergies between the Russian Federation and the Common Fund.
In the video call between Mr. Dyukarev and Ambassador Belal, the latter was joined by Mr. Andrey Kuleshov, Chief of Strategy and Development.
After exchange of usual greetings and pleasantries, Ambassador Belal briefed Mr. Dyukarev on the current as well as probable future initiatives of the CFC. Considering the continuing problems for commodity-dependent developing countries, Ambassador Belal wished to see more working relations and partnership with countries of the northern hemisphere to counteract this issue in the days to come.
Ambassador Belal, recalling Russia’s role as one of the world's leading producers and exporters of key commodities, including oil, natural gas, coal, metals, and agricultural products, urged Mr Dyukarev to continue their goodwill to alleviate more people from poverty. Russia’s vast reserves and production capacities make it a critical player in global commodity markets.
Ambassador Belal urged Russia, as a major commodity producer and an influential country, to play a key role in advocating for and facilitating the inclusion of Central Asian countries into the CFC. Russia has deep historical, economic, and political ties with Central Asian countries like Kazakhstan, Uzbekistan, Turkmenistan, Kyrgyzstan, and Tajikistan, which are mostly landlocked, and as such needs better export routes, investment and economic cooperation which Russia could a be catalyst to help with.
The meeting also addressed the establishment of the Agricultural Commodity Transformation (ACT) Fund, which was approved by the CFC Governing Council in December 2021 and is currently in the process of being set up. The CFC would appreciate any recommendations for potential impact investors within the Russian Federation and beyond.
The BRICS (Brazil, Russia, India, China, South Africa) group is an influential economic bloc representing some of the world’s largest emerging markets. These countries have a significant sway in global trade, finance, and commodity markets. Ambassador Belal stated that Russia, as a member of both BRICS and a major commodity producer, can serve as a bridge between the CFC and BRICS. By promoting cooperation between the two entities, Russia can help align the goals of the CFC with the broader economic strategies of BRICS, particularly in areas like commodity market stabilization, infrastructure development, and sustainable economic growth.
CFC would like to see deeper cooperation like joint initiatives to invest in commodity-dependent countries, sharing technology and expertise, and supporting sustainable development projects. For Central Asian countries, this could mean greater access to BRICS markets and investment, enhancing their integration into the global economy.
Mr. Dyukarev appreciated the session which, in his word, also helps them to take stock of CFC’s activities leading to the forthcoming session of the Executive Board in October next. Russia remains deeply supportive of CFC as it truly believes in the potential of commodities to alleviate poverty in the developing world.
The Governor of Russia also enquired about the ongoing work for the proposed draft for the strategic framework 2025-2035 and assured to remain engaged with the CFC with other proposed initiatives like facilitating access of other Central Asian countries to the CFC.
The meeting was concluded with the mutual resolve of remaining engaged and do the necessary follow up in the days to come.