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RUSSIA'S ECONOMY

Russia should help foreign investors make decision to return to country’s economy

As labor costs, costs on bank loans and natural monopolies’ services rose the Russian economy lost its competitive advantage, Minister of Economic Development says

© AP Photo/Pavel Golovkin

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Only unassertive people refuse to invest in Russia now — official

MOSCOW, March 3. /TASS/. The Russian Minister of Economic Development Alexey Ulyukayev sees foreign investors’ interest to Russia and thinks amid the current risks Russia should help them make the decision on investing into the country’s economy, he said in an interview aired by the Rossiya-24 TV news channel Tuesday.

"The situation is not simple. Investors should be well-aware of the fact that if they assume risks they will get the return on investment," the minister said.

Russia had been attracting investment for a long time as the country had a high level of financial return with relatively low risks. However, as labor costs, costs on bank loans and natural monopolies’ services rose the Russian economy lost its competitive advantage, Ulyukayev said.

"Plus the sanctions regime, credit tightening and impossibility to refinance international loans mainly brought the situation to a standstill. Meanwhile, the interest is big, this is what is called a standby position. They [the investors — TASS] are ready to make the decision if we help them make the decision," Ulyukayev said.

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Economy Alexey Ulyukayev Economic Development Ministry Investment Business climate

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