(Photo: AP)

International companies like Nike, Adidas and Uniqlo want to produce their goods in Russia, Deputy Minister of Industry and Trade Viktor Yevtukhov told Sputnik on Friday on the sidelines of the St. Petersburg International Economic Forum (SPIEF).

"As far as I know, sportswear brands like Nike and Adidas, as well as the Japanese brand Uniqlo want to locate [their production in Russia]", he said.

Today the price-quality ratio of textile products in Russia is optimal, according to the minister. In addition, many global companies may want to locate their production in Russia since it is beneficial from a logistical point of view, Yevtukhov noted.

SPIEF is an annual business event that has been held in the Russian city of St. Petersburg since 1997. It started on Thursday and is due to last three days. This year's forum is taking place at the ExpoForum Convention and Exhibition Centre.