Putin invites investors

Putin invites investors

Russia wants to attract foreign investors to its markets and increase investments in its economy in the light of Western sanctions. Yesterday, Russian President Vladimir Putin tried to encourage business to invest in Russia at the “Russia Calling!” investment forum.

“Despite the complicated foreign situation, the federal budget had a surplus of 900 billion rubles in January-August this year, that is 2% of GDP. And it is twice as much as in the same period last year. At the same time, we remain committed to the budget rule, which means that part of oil and gas income is allocated to reserve funds. Their total volume will increase and it exceeds 9% of Russian GDP. Concerning inflation, it will reach about 8% at the end of the year, which is higher than the previous year’s rate (it was 6.5% in 2013). The reason is understandable: growing prices for certain goods products,” Putin said, noting that Moscow did not raise taxes for business and does not plan to impose any currency limitations or limit the capital flow.

Speaking about expansion and diversification of foreign economic ties, Putin named development of business, trade, investment and technological partnership with Latin America, the Asia-Pacific Region and BRICS partners.

During his visit to Beijing in May, a big package of Russian-Chinese economic agreements worth tens of billions of dollars was signed. They include a 30-year contract to supply China with gas. Formation of the infrastructure needed for its realization will become one of the world’s biggest constructions.

Russia’s Gazpromneft has recently made the first oil shipment to China for rubles. Moscow plans to use national currencies to trade energy resources and other operations with BRICS members.

Putin reminded that the Eurasian Union Treaty comes into force on January 1, 2015: a 170-million market with free flow of goods, services and capital is forming. Russia is a WTO member, while Kazakhstan and Belarus are not. The principles the Eurasian Union is built on meet the norms and principles of the WTO. The process of Armenia joining the Eurasian Economic Union is coming to an end, Kyrgyzstan is actively engaged in dialogue. “We would like the Eurasian Economic Union to form close ties with other integration structures in Europe and Asia. Such cooperation has added stability to the global economy.”

Putin called the sanctions imposed on Russia “idiocy” of governments limiting business, weakening competitiveness, allowing other countries, their competitors, to take advantage of the Russian market.

Commenting on the situation in Ukraine, Putin said: “The solution to Ukraine’s political and economic crisis (the country is indeed in a state of a deep political and economic crisis today), the recovery of the economy, political and social sectors are in the national interests of Russia. We want a reliable, predictable partner and neighbour. Ukraine is not an alien state for us. Despite the tragedy we see, especially in the south-east, the Ukrainian people have always been a close brotherly nation for us. We have common ethnic, spiritual, religious and historical ties. I hope that, based on the fundamental framework of our cooperation, we will develop our relations in the future and do all it takes to make it happen as fast as possible.

I hope that the Ukrainian parliamentary elections will be fair, the long-awaited political stabilization will finally come. But I must say that we presume that all people living in any part of Ukraine will have full rights covered by international law and Ukrainian laws, no one will be discriminated against for a linguistic principle or religion. But that is the only way to keep the territorial integrity of the country, that is the only way to return to unity and maintain the development of economy and the social sector. We have big hopes for that and we will encourage it any way we can.”

Concerning Bashneft, Putin promised that there will be no reconsideration of the privatization results: “But at the same time, one case may differ from another systemically and qualitatively. That is why if law enforcers have any questions about this or about the flow of assets, we have no right to stop law enforcers from investigating a certain case and making a decision.

I hope that all decisions will be in the civil and legal, in the arbitrary plane, not criminal. But I am not going to interfere and not going to give any directives.”

The Russian president has outlined foreign economic prioritiesRussia wants to attract foreign investors to its markets and increase investments in its economy in the light of Western sanctions. Yesterday, Russian President Vladimir Putin tried to encourage business to invest in Russia at the “Russia Calling!” investment forum.“Despite the complicated foreign situation, the federal budget had a surplus of 900 billion rubles in January-August this year, that is 2% of GDP. And it is twice as much as in the same period last year. At the same time, we remain committed to the budget rule, which means that part of oil and gas income is allocated to reserve funds. Their total volume will increase and it exceeds 9% of Russian GDP. Concerning inflation, it will reach about 8% at the end of the year, which is higher than the previous year’s rate (it was 6.5% in 2013). The reason is understandable: growing prices for certain goods products,” Putin said, noting that Moscow did not raise taxes for business and does not plan to impose any currency limitations or limit the capital flow.Speaking about expansion and diversification of foreign economic ties, Putin named development of business, trade, investment and technological partnership with Latin America, the Asia-Pacific Region and BRICS partners.During his visit to Beijing in May, a big package of Russian-Chinese economic agreements worth tens of billions of dollars was signed. They include a 30-year contract to supply China with gas. Formation of the infrastructure needed for its realization will become one of the world’s biggest constructions.Russia’s Gazpromneft has recently made the first oil shipment to China for rubles. Moscow plans to use national currencies to trade energy resources and other operations with BRICS members.Putin reminded that the Eurasian Union Treaty comes into force on January 1, 2015: a 170-million market with free flow of goods, services and capital is forming. Russia is a WTO member, while Kazakhstan and Belarus are not. The principles the Eurasian Union is built on meet the norms and principles of the WTO. The process of Armenia joining the Eurasian Economic Union is coming to an end, Kyrgyzstan is actively engaged in dialogue. “We would like the Eurasian Economic Union to form close ties with other integration structures in Europe and Asia. Such cooperation has added stability to the global economy.”Putin called the sanctions imposed on Russia “idiocy” of governments limiting business, weakening competitiveness, allowing other countries, their competitors, to take advantage of the Russian market.Commenting on the situation in Ukraine, Putin said: “The solution to Ukraine’s political and economic crisis (the country is indeed in a state of a deep political and economic crisis today), the recovery of the economy, political and social sectors are in the national interests of Russia. We want a reliable, predictable partner and neighbour. Ukraine is not an alien state for us. Despite the tragedy we see, especially in the south-east, the Ukrainian people have always been a close brotherly nation for us. We have common ethnic, spiritual, religious and historical ties. I hope that, based on the fundamental framework of our cooperation, we will develop our relations in the future and do all it takes to make it happen as fast as possible.I hope that the Ukrainian parliamentary elections will be fair, the long-awaited political stabilization will finally come. But I must say that we presume that all people living in any part of Ukraine will have full rights covered by international law and Ukrainian laws, no one will be discriminated against for a linguistic principle or religion. But that is the only way to keep the territorial integrity of the country, that is the only way to return to unity and maintain the development of economy and the social sector. We have big hopes for that and we will encourage it any way we can.”Concerning Bashneft, Putin promised that there will be no reconsideration of the privatization results: “But at the same time, one case may differ from another systemically and qualitatively. That is why if law enforcers have any questions about this or about the flow of assets, we have no right to stop law enforcers from investigating a certain case and making a decision.I hope that all decisions will be in the civil and legal, in the arbitrary plane, not criminal. But I am not going to interfere and not going to give any directive
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