Zadornov Minister Of Finance
Capital runs into the woodwork from Russia
The real inflow of investments in the Russian economy is not as large as we would like it to be, President Dmitry Medvedev said on Monday during the meeting with entrepreneurs. According to the Central Bank of the Russian Federation, the outflow of capital from the country in 2011will make up up to $35 billion, which is approximately the same as in 2010.
"To put it mildly, the investment climate in our country is far from being perfect, in spite of the fact that foreign partners are ready to invest in our economy," RIA Novosti quoted Medvedev as saying.
Speaking about the reasons of Russia's low investment appeal, the president said that there are several factors that determine this situation. Among others, he mentioned "those unfavorable things that exist in our economy and in the legal field," he said. At the same time, Medvedev said that some of his measures to improve the investment climate in Russia are already working. In particular, the authorities are executing a number of bills to narrow the sphere of control over strategic foreign investments.
In addition, top officials at boards of directors at large state-run corporations are being replaced with independent supervisors. "The process is to be completed at all state-controlled joint-stock enterprises by autumn," the president said.
Medvedev also said that the establishment of the international financial center in Moscow will show a positive influence on the Russian economy in general.
The president reminded that Russia simplified the circulation of Russian securities at international platforms. In addition, new legislative measures have been taken to simplify the visa regime for foreign specialists. "Little has been done at this point anyway, and we must continue working in this direction," Medvedev said.
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