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Nezavisimaya Gazeta daily published an article on the results of the 3rd Russian-European investment forum, which was held in the Italian city of Milan at the end of the previous week.
Among advantages of Russian economy the participants in the forum noted no obvious recession, a low state debt, a good paying capacity, which is reflected in the Tax free statistics. But Russia has traditional difficulties with the business circles. Meanwhile, researchers of the institute Bocconi took the problems with diversification, innovations and education as the main challenges to Russian economy.
“No matter how strange it sounds Russian economy can become a honey pie for European investors,” the daily noted. “The country’s economy is not in recession yet, is not stricken with a too big state debt and possesses a large consumer potential,” the daily said.
“Russia attracts foreign investors primarily by its vigorous development, in which many want to participate, and the point is not always in potential profit-making. The investors bring experience, technologies, financial resources, implementing interesting projects and developing the infrastructure, financial markets, production sectors, promoting the country quicker for development and increasing the middle class. But investment in Russia is not only capabilities for business, this is profit-making comparable with profit-making of investment in Europe,” chairman of the General Invest board of directors Vincenzo Trani told the daily.
“Certainly, the Russian market is still far from being perfect,” the daily noted. It will take about 15 months to open a subsidiary in Russia and three months in Turkey, member of the UniCredit Bank supervisory board Alessandro Decio said. The difference is big. Though Italian investors noted that positive changes are taking place, as the public services in Russia are becoming more qualitative and the market - more transparent.
One more reason for discontent of foreign business people is high customs duties in Russia. Russia’s accession in the World Trade Organization should improve this situation, according to them. Meanwhile, many business people criticized the creation of the Customs Union. Altagamma Executive Director Armando Branchini is concerned over a massive flow of Chinese smuggled goods in Russia through Kazakhstan. In his words, an underground market is forming to deal a blow on the major world brands, including Italian brands.
“But probably the most unexpected challenge voiced by the researchers is a dubious quality of education. Russia seems to have qualified specialists, but Russian higher educational institutions are not among even 200 best universities in the world and are outsiders of international ratings.
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