Russian is a major industrialized country that is continuing to grow as the economy improves. With the end of communism, new industries have become increasingly successful in Russia. These industries include defense, automotive, electronics, finance, telecommunications and energy. With so many industries, Russia is clearly a powerful and modern country that can and will impact society and world economics. Many of these industries have support from European countries and the United States, especially as many companies from these countries have business interests in Russia and wish to see the industries succeed. These industries were very small during the period of Soviet communism, and saw little or no growth until the end of communism.
Today, they are modernized and provide jobs for millions of Russian workers. Many foreign companies also want to support these industries because Russia has become an increasingly vocal member on the world economic stage. In the defense industry, Russia is a top source of trade and experience. These industries also continue to grow in a slow global economy. Russian companies in these industries have clients throughout Europe, Asia and North America, partially due to the affordability of Russian products and services. This support will allow these industries make grow, generating more revenue and expanding their product offerings.
Russia’s defense industry has nearly 3 million workers. Only the United States has a larger defense industry. Russia develops military weapons including tanks, helicopters, air defense systems, and fighting vehicles to name just a few. Russian workers have a lot of experience in this area because of the knowledge and experience garnered by previous generations in this arena. Since World War II, Russia has been a leader in the defense industry. Many of these weapons are sold to Russia’s supporters in Africa and the Middle East. Russia’s large military also supports this industry and buys volumes of new equipment every year.
The automotive industry is a large force in Russia with over 600,000 workers. Another 3 million Russians work in fields related to making cars and trucks. Foreign car companies also have operations in Russia. All of these companies make Russia the 15th largest car producer in the world. These car factories are all over Russia and make vehicles for clients in Europe and Asia.
Electronics and Telecom
Electronics and telecom are major industries in Russia. The country’s government has created a friendly situation for wireless communications. There is also a lot of support for a national broadband network in Russia bringing it closer to the technological abilities of the western world. Technology companies from Europe and Asia want to do business with Russia as there are great opportunities to expand and create profitable businesses in Russia. This demand has led to more jobs and a successful electronics industry in Russia.
The financial industry continues to grow in Russia. Based in Moscow, there are several investment houses. These companies also have offices throughout Europe, Asia and North America. The financial sector includes trading stocks and bonds, as well as precious metals and real estate. These fields are part of the global economy and employ Russian economists, lawyers and accountants.
Russia is the world’s largest oil producer. Most recently, Russia produced almost 500 million tons of oil in one year. There are over 10 major Russian companies that control oil exploration. But this industry needs and requires a lot of investment. As the oil industry grows, more foreign companies from Europe, Asia and the United States will want to support this business and become players in the large oil market that Russia offers. Currently, Russia produces almost 10 million barrels of oil per day. The Russian government also controls 4.7 billion barrels of oil reserves in Siberia. This supply protects Russia from a sudden energy crisis.
Though no one would have predicted this success during the years of communism, it is undeniable that Russia is a growing and succeeding market place with incredible room for further growth.