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FACTBOX: Putin names five steps to change national economic structure

The Russian economy should be more technologically advanced

© Sergey Shinov/Roscongress Foundation

ST. PETERSBURG, June 20. /TASS/. Russian President Vladimir Putin named five steps to change the structure of the national economy when speaking at the St. Petersburg International Economic Forum (SPIEF).

TASS has collected the main points.

First area

- Conditions should be supported to increase the economic activity of citizens, so that the youth and the senior people are able to realize their potential in the labor market and develop their careers.

- The government has prepared a package of changes incentivizing the business to create modern and attractive jobs.

Second area

- The new quality of the investment climate is the goal, specifically the dramatic minimization of business costs in all spheres, from construction to accounting and notarial support.

- Fixed capital investments in Russia should grow by at least 60% as compared to 2020.

Third area

- The Russian economy should be more technologically advanced. This is the objective requirement of the present and the future, the challenge that should be responded if there is the desire to be stronger.

- Competitiveness should be based on domestic technological solutions and business investments in science and developments should grow at least twofold by 2030.

Fourth area

- The new quality of foreign trade, exports and imports. Large-scale projects in energy, mining and processing sectors will be implemented soon in CIS countries, based on Russian technological solutions.

Fifth area

- Development in the defense sector sphere. Technological innovation should be constantly analyzed and implemented in the defense sector, and its interfacing with the nondefense sector should be achieved in a number of cases.

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