It's high time for Africa and Russia to boost cooperation, Victorien Aloma, a Beninese doctor of economics and specialist in international economic relations, tells Sputnik.
"The revival of economic cooperation between Russia and the African continent must happen now or never," he says.
According to the Beninese expert, the West's sanctions have had positive effects on the Russian economy.
"The Western sanctions have finally allowed the Russian authorities to understand the role that the African continent can play in strengthening Russia's economy," Aloma notes.
Conditions for Linking Up With Africa
However, in order to "reconnect with Africa", Russia needs to create a "business network with the continent's different countries," the expert suggests.
Aloma has also stated that it is also necessary to support Russian companies so that they would invest in key sectors of the African economy.
"This initiative can only be realized if Russia seeks to respect the economic interests of African states and does not seek to act like the continent's traditional partners," the expert mentions.
According to him, this implies the definition of a "conceptual basis of its foreign economic policy towards Africa", favoring a win-win economic and strategic partnership.
How To Win Big In Africa's Market
He points out, however, that Russian-made products could gain a foothold in Africa's market provided they have a competitive advantage over other items.
Given Africans' interest in all kinds of goods, "it is up to Russian companies to choose how to target their products for positioning on the continent's markets".
Given Africans' interest in all kinds of goods, "it is up to Russian companies to choose how to target their products for positioning on the continent's markets".
BRICS: A Link to Africa?
BRICS, the club of major developing economies, can strengthen Russia-Africa ties, the Beninese analyst emphasizes.
"Through economic cooperation within the framework of BRICS, Russia will be able to further strengthen its presence not only on the African continent, but also in other countries worldwide," the expert contends.
According to the economist, BRICS is bound to strengthen once member countries return to their original objectives. In this regard, the bloc's Development Bank "must know how to play its role as an international economic and financial institution for the establishment of a multipolar world and a new geopolitical order," the expert concludes.
The four founding members of BRICS – Brazil, Russia, India and China - originally established the bloc in 2005 during the St. Petersburg International Economic Forum (the association was known as BRIC at the time). With South Africa joining in 2010, the group's name changed to BRICS.