Business News
President Medvedev calls for better investment climate in Russia
Oct 9, 2011, 1:46 GMT
Moscow - Russia needs a better investment climate to attract the foreign participation that can help spur modernization in the country's economy, President Dmitry Medvedev said Saturday.
He pointed out that foreign investors had pulled out 36.8 billion euros from the Russia economy so far in 2011, according to an estimate recently issued by the central bank in Moscow. The sum is already three times higher than in 2010.
Nearly all attempts in the last decade to remove the many hurdles to investment in Russia have failed, Medvedev told a meeting of his governing United Russia party in Krasnodar.
He said that Russia needs 'good public officials and practical standards, just like in civilized countries,' the Interfax news agency reported.
'Good laws alone are not enough. That's an illusion.'
Repeatedly decrying the backwardness of Russian companies, he said that foreign investments would a 'decisive factor for the successful modernization of the economy.'
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