Rolls Royce and Sly Filters Europe Ltd, Leicester are among the 37 firms heading to Moscow today with Business Secretary Vince Cable, 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.

Leicester Filter experts, Sly Filters Europe Ltd, based on the East Goscote Industrial Estate, rely on Russia for over half of their export trade.  They will be feeding back on their trip at the Russia Midlands Business Club event at Tonic in Nottingham on 8 December.

Over six hundred British businesses now have a base in Russia including many household names such as Marks & Spencer and Costa Coffee.  Sutton in Ashfield firm Abacus lighting, who opened their St Petersburg office earlier this year, recently made the front page of the Moscow Times with their announcement earlier this month that they were set to build a plant in St Petersburg and open a new office in Moscow 2011.

Vince 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 £2 billion 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 £11 billion, with companies specialising in engineering and construction faring particularly well. The UK's investment makes up nearly 15% of all investment in Russia.

Vince Cable's visit will include a meeting of the Intergovernmental Steering Committee (ISC), which he will co-chair with Russian Deputy Prime Minister and Finance Minister Alexey Kudrin.

The ISC meets annually in either the UK or Russia to promote partnerships between the countries in a range of economically and culturally important areas.

This week's meeting will focus on international business environments, small and medium-sized enterprises, financial services, high tech industries, the Olympic legacy, energy and energy efficiency.

Tim Jelley, Senior International Trade Advisor at UK Trade & Investment East Midlands, and Chair of the Russia Midlands Business Club, the only one outside London, said:

"Russia provides a fantastic opportunity for local firms as there is a high demand for UK goods and services extending across many sectors. 

"Companies interested in finding out more about the culture, business trends and opportunities in Russia can attend the Russia Midlands Business Club on 8 December at Tonic in Nottingham. For those companies interested in securing new business in Russia there is a market visit taking place between 14 and 18 March."

The Russia Midlands Business Club, supported by UK Trade & Investment, was set up to help businesses in the Midlands trading, or looking to trade, with Russia. The next meeting will take place at Tonic, Nottingham on 8 December at 5.30pm. 

Local companies interested in securing new business in Russia can join a market visit taking place between 14 and 18 March. Companies interested in finding out more should contact Tim.Jelley@uktiem.co.uk