This post first appeared on Russia Insider
The annual Russian Investment Forum started today in Sochi. A record number of participants gathered there this time. This is more than four and a half thousand experts, businessmen, scientists from almost forty countries of the world. They came not only to share the experience but also to adopt it. And there’s something to adopt. For example, we can now open a business with just four clicks on a smartphone.
My colleague Tatyana Remezova will tell from Sochi about the real potential of the Russian economy.
The first business in Russia opened in four clicks. A future trampoline center was registered through a smartphone. In Singapore, there are three clicks, but we went further. The fourth one is for opening an account remotely. And soon, the state fee for the registration of small businesses will be abolished in Russia. In 6 years, Russia rose from 124th to 35th place in the Doing Business rating. Restrictions on foreign markets open unique opportunities within the country.
Dmitry Medvedev: "Even under sanctions, our economy became less dependent on external shocks and commodity prices, and we brought inflation to a record low level of 2.5% last year. We have a stable financial system and the exchange rate of the national currency. We have a balanced budget, and this year, by the way, it may well become surplus. And we begin to accumulate funds in our sovereign fund."
Modern plants are the muscles of the economy. In Zelenograd, a high-tech plant of cancer medicines will be built in three years. This isn’t chemistry but biological products. Moscow and the Moscow Oblast join forces in six strategic areas.
Sergey Sobyanin, Mayor of Moscow: "Together we’re solving the most pressing problems that concern people. Ecology, economy, industry, transport, summer residents, summer vacations, clean water, and a number of other projects."
Andrei Vorobyov, the governor of the Moscow Oblast: "All this is of fundamental importance for the huge number of people who live in the Moscow Oblast. It's more than 20 million people."
Medvedev gives a week to develop proposals on the infrastructure mortgage, it’s when public and private money create a new environment together.
Andrei Kostin, President of VTB Bank: "Public-private partnership has a very, very long history. Christopher Columbus mightn’t have discovered America if he hadn’t had a concession agreement with the Spanish King that he could exploit the newly discovered land and, accordingly, share somehow the profit and incomes with the king in a certain proportion. Now, I really think that it might have been better if he hadn’t discovered America, looking at the current geopolitical situation, but whatever."
Dmitry Medvedev: "But he thought he was discovering something else, so you can forgive him."
"I agree, right."
Will sanctions affect the investment attractiveness of the regions? 200 foreign companies successfully work in the Tula Oblast, they finance social projects.
- And nobody leaves?
Alexander Dyumin, Governor of the Tula Oblast: "No, nobody leaves, I even want to tell you more. With the opening of the special economic zone, we already have several new residents. These are foreign companies."
At the end of January 2018, customers of large banks returned assets to Russia worth hundreds of millions of dollars, this is three times more than a year ago. Amnesty of capital and tax benefits are a worthy response to sanctions.Support Russia Insider - Go Ad-Free!
Dmitry Medvedev: "You know, let them have all the headache. We’re ready for any decisions. Over the past two years, the Russian economy has proved that it can cope with very serious challenges."
In 2018, educational Center Sirius will open a new school. 700 children per shift, 8,500 students a year. A concert complex will be built for young talents in the Olympic Park. The stage will turn on its lights in 2021.
Hundreds of contracts worth billions of dollars are concluded at the forum annually. This year, almost all regions of the country present their potential. The climate is comfortable in Russia, and there’s no better place than Sochi to convince investors.
This post first appeared on Russia Insider
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