Putin: Russia must carry on with improvement of investment climate

MOSCOW, Dec 7 (PRIME) -- Russia must continue to create a favorable investment climate, President Vladimir Putin said on Wednesday at a meeting of the Security Council.

“In general, we have to continue work on creating a favorable investment and business climate,” as competitiveness of the national jurisdiction is one of the major guarantees of security of the national economy, he said.

Russia should work on this so that local companies don’t flee for foreign jurisdictions. “They are going to places where they feel safer and feel that instruments, which are used in organization and support of economic activity, are more regulated. We should also achieve that. We have all the necessary conditions in the country,” he said.

The government and the central bank will continue paying special attention to stability of the financial and banking systems and to increasing affordability of credit for the “real sector of the economy.” But all the decisions on improvement of the banking sector must be made carefully and having possible social consequences in mind, he said.

The authorities also plan to create and maintain favorable business conditions in Russia’s Far East for both local and foreign investors, as the region is of a special importance due to its proximity to largest economies of the Asian–Pacific region.

“The federal target programs will receive special points for the Far East, and the amount of financing in some directions should be calculated in a way that allows not only for eliminating the lag, but also for provision of advanced development and improvement of human capital assets by Far Eastern territories,” Putin said.

Each year new centers of economic growth are forming in the world, and competition for markets, technologies and money is increasing. “Economic restrictions, pressure, and sanctions are being used more and more frequently for political ends, disguised as political goals to increase competitiveness,” he said.

“We should take this trend into account and react to these risks and threats proactively. Our fundamental response to that is an increase of our own economic potential without shutting off the world economy, but by increasing our efficiency.”

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