MOSCOW, January 17 (Itar-Tass) – Russia must do a lot of work to develop its financial institutions and to ensure legal protection for businesses, State Duma speaker Sergei Naryshkin told the international conference Gaidar Forum-2013 “Russia and the World: Challenges of Integration” on Thursday.
“Much work is needed to develop our economic institutions, create convenient financial instruments and ensure vaster opportunities for legal protection of businesses,” he said.
At the same time he noted that the development of economic institutions “is a difficult, cost-based process and of course there is a temptation to use manual control mechanisms,” Naryshkin said.
At present, competition exists not only for resources and markets, but also for a business initiative, the speaker said.
“Undoubtedly it is impossible to ensure sustainable economic growth without it,” he said.
At the same time he paid attention to the fact that the process of integration is also competition, when resources and effective management solutions move to the forefront.
“Over the past years economic experience of every country and in general, our global economic experience, has become significantly richer. The analysis of the global economic crisis helped to learn lessons that we need to adequately respond to challenges of global competition,” Naryshkin said.