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Economy minister notes competition, human capital will boost Russian investment climate

December 01, 2017, 18:15 UTC+3 MOSCOW

It is important for Russia to become more attractive than other countries for investors, Maxim Oreshkin pointed out

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MOSCOW, December 1. /TASS/. Russia should foster an investment climate that makes it possible to win the battle for global investment, Minister of Economic Development Maxim Oreshkin said at a Friday conference organized by TASS and the Agency of Strategic Initiatives.

"Indeed, we have come a long way in recent years, so being 35th in the Doing Business Index, rather than 120th as it had been six years ago, is a clear indication of what’s been accomplished," Oreshkin said.

It is important for Russia to become more attractive than other countries for investors, the minister pointed out.

"In this respect, more ambitious goals should be set now. Competing for investment and investors is a completely global phenomenon and therefore we need to become the best in the world and attract investors, not just focus on one (Russian) region beating another," Oreshkin said.
Russia can take a "major step forward" by applying state-of-the-art digital technologies, the minister stressed. "This is a joint effort where regional authorities could come up with an innovation and the federal government would advance these initiatives," he said.

Furthermore, competition should be developed in all sectors of the economy, the minister emphasized. The new economy must be built on human capital and it does not rest on buildings and plants, he said. An environment for unlocking human talents should be developed, Oreshkin added.

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