Minister: Russia believes in foreign business return

MOSCOW, Mar 14 (PRIME) -- The Economic Development Ministry assumes that a significant part of foreign businesses will return to working in Russia after they have rebuilt their supply chains, Minister Maxim Reshetnikov told reporters on Monday.

“We assume that a significant part of business will return to working in Russia after rebuilding the (supply) chains. Our market has not vanished, these companies have been making money here for a long time, they had profitable businesses in our country, and it allows us to hope that the situation will normalize,” he said.

Many foreign companies and retail chains have only suspended their operations instead of complete termination of business, and logistics problems were the cause of many of these decisions, he said.

The first question that the representatives of foreign businesses asked the Russian government at a meeting last week was the question about logistics problems and the necessity to rebuild production chains and replace the European suppliers with the Asian firms, he said.

It is very important for the Russian authorities to maintain the maximum flexibility of pricing as the government can cause a deficit of goods if it exerts excessive pressure on the retail chains and dictates what prices the retailers or producers should set, he added.

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