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Medvedev says improvement of business climate in Russia is among government priorities

January 31, 2013, 14:45 UTC+3

"By the year 2018, Russia must be ranked among the top twenty countries with favorable business climate”, he added

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MOSCOW, January 31 (Itar-Tass) – The improvement of Russia’s business climate and ensuring the economy’s openness are among the ten key areas of the work of the Russian government, Russian Prime Minister Dmitry Medvedev said on Thursday.

“Our business climate, conditions for running businesses or our national jurisdiction must be competitive and comfortable for both domestic and foreign investors. We need large-scale and stable investments of up to 25 percent of the GDP by the year 2015. They volume must be doubled by 2018 on 2012. Up to 25 million new jobs must be created by 2020,” he said at an extended cabinet meeting, presenting to the president and he State Council basic guidelines for the government’s activities till the year 2018. “It is a difficult but attainable task.”

“We shall take measures to improve the customs and tax administrations, to simplify procedures regulating access to the infrastructure, bank loans, and state guarantees,” Medvedev noted. “Solutions to these problems that are most sensitive for any investor are written in the National Business Initiative and in relevant roadmaps. By the year 2018, Russia must be ranked among the top twenty countries with favorable business climate.”

The prime minister admitted that “bigger openness of the Russian economy” after it joined the World Trade Organization (WTO) and established the Customs Union (with Belarus and Kazakhstan) and the Common Economic Space has certain “negative impacts.” “Competition is always an incentive for development. And economies, like parachutes, work efficiently only when they are open,” he added.

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