Swiss Economics Minister Johann Schneider-Ammann says there is great potential for Switzerland and Russia to further their economic ties.

Schneider-Ammann was speaking on Monday to Russian captains of industry in Moscow, as part of a four-day visit to the country.

The economics minister told the audience that interest from Swiss companies wishing to expand to Russia was growing.

“I'm sure that Switzerland with its modern economic structure, its potential in know-how and innovative high-technology products can be an interesting partner for Russia in the process of realizing its ambitious modernising efforts,” Schneider-Ammann said.

However, Frank Schauff, the director of the Association of European Businesses in the Russian Federation, told Schneider-Ammann and other members of the Swiss delegation that Russia had not yet recovered from the economic crisis.

Analysts expect the Russian economy to grow by around 3.5 per cent over the next few years, with inflation around eight per cent. In 2008, the economy grew by eight per cent.

On Wednesday, Schneider-Ammann will take part in a meeting between this year’s Swiss president, Micheline Calmy-Rey and Russian President Dmitri Medvedev.

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