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Russia PM sees low investment activity as main constraint to Russia’s economic growth

April 26, 2016, 14:49 UTC+3 MOSCOW
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MOSCOW, April 26. /TASS/. Low investment activity in Russia is a major constraint to economic growth, Prime Minister Dmitry Medvedev said speaking at the expanded board of the Economic Development Ministry.

"One of the main constraints to the growth is a low investment activity. A modern economy cannot develop effectively only at the expense of public funds," Medvedev said.

He recalled that, last year the Ministry's board discussed how to attract investments in the real sector of the economy. The Prime Minister said that over the past years the government managed to do a lot for this purpose. In particular, according to Medvedev, the authorities formed a legal basis for public-private partnership. In order to attract private investments in the most important sectors and regions preferential tax and customs regimes were formed. The government is also working on creation of zones of advanced development, such as, free ports and special economic zones.

Also, according to Medvedev, the attention is paid to development of single-industry towns. He added that the situation with employment in a number of single-industry towns is difficult. Therefore, in addition to direct state support the government set special economic conditions for single-industry towns.

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