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Putin asks NGO to devise ways to increase attractiveness of non-raw material businesses

October 22, 2014, 16:23 UTC+3 MOSCOW

Business Russia suggests establishing a sort of a “wedding agency” for domestic and foreign businesses, which would be able to create more joint ventures in Russia

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Vladimir Putin (L) and Alexey Repik (R)

Vladimir Putin (L) and Alexey Repik (R)

© Alexey Druzhinin/TASS

MOSCOW, October 22. /TASS/. Russian President Vladimir Putin has asked the non-government organization Delovaya Rossiya (Business Russia) to present proposals for raising the attractiveness of non-raw materials sectors of the economy with the use of support measures drafted for special economic zones and outpacing development territories. He issued the instructions at a meeting with Business Russia Chairman Alexey Repik on Wednesday.

Repik said that so far no steps had been taken to encourage the emergence of manufacturing industries. He believes that newly-founded competitive businesses outside the raw materials production sector, specifically, new manufacturing operations should be entitled to the same measures as the outpacing development territories or special economic zones.

Putin requested thorough analysis into this idea. Despite the current situation, Repik said, “our partners” are very interested in opportunities to invest in the Russian economy. For a successful implementation of that idea, financing to build new production facilities must be easily available.

“We are not asking for any investment from the National Welfare Fund. We are not waiting for a rain of gold. We just believe that we must use the resources that are available in the economy,” Repik said. “Instead of investing into US treasuries with their close-to-zero yields or making deposits in foreign banks at meagre interest rates (which sometimes can never be recovered), I believe that we shall be able to offer to Russian lenders a good system of investing their capitals from the standpoint of yields and safety.”

Business Russia suggests establishing a sort of a “wedding agency” for domestic and foreign businesses, which would be able to create more joint ventures in Russia.

The ultimate aim of his idea is "even when either partner decides to quit, the technologies, know-hows and other assets will stay in Russia." "In that case the country will have no blank spots in critically important industries," Repik noted.

“Technological investments should be pouring into the country through strategic partnerships and through joint ventures to remain in Russia,” Repik said. “Of course, large foreign companies that may decide to build industrial facilities here is very good, because these spell jobs and taxes. But tomorrow they may succumb to external pressures to lock the factory gate and go, leaving us with no compensation,” he explained.

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