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B20 prepares recommendations to promote 3% annual world GDP growth

September 06, 2013, 13:56 UTC+3

The global economy needs 60 trillion US dollars of investment before 2030, Russian representative of The Business Twenty says

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Photo ITAR-TASS/ Denis Vyshinsky

Photo ITAR-TASS/ Denis Vyshinsky

STRELNA, September 6 (Itar-Tass) - The Business Twenty (B20) has prepared ·recommendations that should contribute to the growth of world GDP by 3% per year through improved efficiency of infrastructure investment, a Russian representative in the B20, head of the Russian Direct Investment Fund (RDIF) Kirill Dmitriyev said at a meeting of Russian President Vladimir Putin with representatives of the Group of Twenty (G20) business community and trade unions.

According to him, the target group for investment and infrastructure within the G20 framework “has developed a three-set plan, which, we believe, will help boost global GDP by 3% per year.”

Dmitriyev stressed the need to restore economic growth by settling, among other things, problems of infrastructure investments. According to him, the global economy needs 60 trillion US dollars of investment before 2030.

“The first set of our recommendations is to remove restrictions on the movement of capital,” said the B20 representative. Experts also consider it necessary to increase mutual investments between countries. “In particular, Russia has created joint funds with China, France, Japan and some other countries,” Dmitriyev said.

The second set of recommendations is to attract private investment. “States in the face of limited budgets should attract more private investments and standardise the processes of their attraction,” Dmitriyev said. “We also recommend creating a joint fund worth 200 million dollars for investing in the project documentation, because it is the thing that often hinders the development of projects and keeps private money off projects,” said the Russian representative in the B20.

The third set of recommendations is about improving the efficiency of infrastructure investment. “A trillion dollars is lost in the world every day due to inefficient investment in infrastructure. Through the establishment of centres of excellence, involvement of the World Bank and other institutions, we believe it is possible to dramatically and cardinally improve the efficiency of infrastructure projects,” Dmitriyev said.

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