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Medvedev says investment climate in Russia bad and needs improvement

October 08, 2011, 22:01 UTC+3

At the same time, he admitted that business needs stability

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KRASNODAR, October 8 (Itar-Tass) —— President Dmitry Medvedev admitted that the investment climate in Russia remains bad and needs to be improved dramatically.

“I think our investment climate is bad. We have very many achievements, but the investment climate is bad and needs to be improved dramatically, we should interest both Russian and foreign business. Business is the same everywhere and the same conditions should be created for it,” the head of state said at a meeting with ruling United Russia party activists on Saturday, October 8.

He stressed that there are standard methods of doing business in civilised countries, referring particularly to the principles of national regime and reduction of administrative barriers.

For 10 ten years decisions were made every year to reduce administrative barriers. “I felt optimistic 10 years ago. I was thinking as a practicing lawyer at that time. I thought it was great that something was cancelled or became simpler. But it didn’t work and everything seemed to have bogged down. Legislation is not enough. We also need to get rid of legal illusions that good laws can reverse the situation,” the president said.

In his opinion, these laws should be accompanied by correct thinking and supported by “good government officials”.

At the same time, he admitted that business needs stability.

“We must say yes to stability and no to stagnation. There is a world of difference between stability and stagnation. Our party should ensure stability, but keep the situation from rolling into stagnation, especially since we have already seen that before,” Medvedev said.

All this together makes up the investment climate in the country, he added.


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