Last month in Communicate, we covered the VTB Capital annual investment forum and the Russian and British Business Barometer. Both of which document enthusiasm, but latent wariness on the part of both Russian and British businessmen about investments in the other’s country.

On 11 November, business secretary Vince Cable led a trade mission with the UKTI to Moscow. Of the 31 businesses that took part, several were SMEs. The mission’s focus was on SME opportunities in the years and months leading up to the World Cup and Olympics as well as large-scale investment in public and private projects. Investors often remain wary of investment due to reports in the media and other communications about the sustainability of the economy, either in Russia or the UK.

Both the UK and Russian governments have been interested in supporting investment abroad. Russia offers entrepreneurial visas to ease travel into the country for interested investors. The UK, which thrives off the hard work of SMEs, hopes to raise its exports to Russia in advance of the World Cup in 2018. The UKTI has worked recently to communicate to the British business community that investing in BRIC countries is a smart step for a developing company to make.

Cable said, ““British small and medium sized businesses are the lifeblood of our economy. Many are doing incredible things and selling their services and products abroad. But too many do not realise their global potential. I am in Russia this week launching the biggest ever drive to encourage SMEs to export - Exporting is GREAT. This campaign will help us reach the many businesses across the country that are ready to export and grow but have yet to take the plunge.”

Russia is the UK’s fourth largest export market and the fastest growing export market for British goods.