Insider Media Limited

Derby-based Rolls Royce and Sly Filters Europe, headquartered in Leicester, are among the 37 firms which have travelled to Russia with Business Secretary Vince Cable. The companies are taking part in the largest ever UK business delegation to Russia.

The visit aims to strengthen ties between the UK and Russia and to promote trade, which is worth billions to the UK’s economy every year.

Filter producer Sly Filters Europe relies on Russia for more than half of its export trade. The company will report back on the trip at the Russia Midlands Business Club event in Nottingham next month.

More than 600 British businesses now have a base in Russia including many household names such as Marks & Spencer and Costa Coffee.

Sutton-in-Ashfield-based Abacus lighting, which opened its St Petersburg office earlier this year, recently made the front page of the Moscow Times earlier this monthas it announced its intention to build a plant in St Petersburg and open a new office in Moscow 2011.

Cable said: “The UK is consistently one of the biggest foreign investors into Russia, and proud to be so.

“We have goods and expertise that are in high demand, and UK companies are increasingly seeking out further opportunities, especially in engineering, construction and financial services.

“So far this year, we have exported nearly £2bn of goods and services to Russia and I hope that, through delegations such as this, trade relations will continue to grow between our two countries.”

UK investment in Russia currently stands at over £11bn, with companies specialising in engineering and construction faring particularly well. The UK’s investment makes up nearly 15 per cent of all investment in Russia.