MOSCOW, November 12. /TASS/. Despite the efforts of the Russian authorities to improve the investment climate in Russia, its level remains quite low. This opinion was expressed by the chief economist of the European Bank for reconstruction and development (EBRD) Sergei Guriev at the meeting with journalists in the Moscow office of the EBRD.
“In Russia there are many problems with the investment climate,” he said, adding that we are talking about the problems associated with human capital, inadequate infrastructure, unstable economic policies, the failure to deregulate and others.
Responding to a question about the specific impediments to improve investment climate, he said: “All these decisions has long been discussed. I don’t work in the Russian government, does not matter to me.”
some of them can be seen from his answers to other questions. In particular, speaking about privatization, he noted that it is a useful tool to improve the efficiency of companies and the competitiveness of the economies, but only if privatization is open, transparent, engaging a wide range of investors.
“Any privatization transaction, which is carried out non-transparent and uncompetitive, undermining the credibility of the institution of private property”, – said Guriev, stressing that he is not talking about any specific cases. A day earlier, in an interview with TASS, he noted that privatization, “which had long been in question”, can increase efficiency of companies and filling of the budget.
the lower inflation will improve the investment climate
At the same Guriev commends the efforts of the Bank of Russia to reduce inflation from the point of view of improving the investment climate.
“It will seriously improve the investment climate in Russia, because it will contribute to the development of financial markets. Russia is a country in which there are other problems with the investment climate, so this is one of the components is very important. Even one year (keeping inflation at 4% – ed.) will be a huge precedent. Never in the modern history of Russia there was 4% inflation”, – said the economist.
Directions for investment
Answering a question of journalists about the best in the current environment, assets to invest, Guriev noted that EBRD for each country in their region is preparing country strategies, which identify areas for investment.
In accordance with the mandate of the EBRD, the Bank’s task is to promote the development of countries in transition to a market economy. The Bank annually conducts a diagnosis and determines the direction of investments, depending on the reasons that hinder this transition. This can be a low level of project sustainability, or lack of access of women to the labour market – in this case, the Bank will invest in projects that contribute to addressing these factors (subject to receipt of profits, which is also a challenge for the Bank in accordance with its Foundation documents, ed.).
“If you are interested in the answer for a specific country, you can go on the EBRD website, where we detail the answers to these questions. For Russia, there is, unfortunately, a simple answer: in the near future in Russia there will be no new investments,” said Guriev.
the Presidium of the state Council
Russian President Vladimir Putin, summing up the last Saturday meeting of the state Council Presidium on improving the investment climate in the regions of the Russian Federation has demanded from the regional authorities the very serious attitude to this issue.
“I want you to understand and treat it (the decision of tasks on improvement of the business climate – a comment. TASS)-a serious, and nobody would be offended then because we will be taken some measures, including administrative and human nature, if nothing will change for the better”, – said the head of state.
In particular, Putin noted that in some cases, the fold difference in the indicators for business conditions in different regions of Russia has objective reasons, “but sometimes it’s absolutely unacceptable.” The Russian President has noticed that a good business environment is one of the key factors necessary for economic development, and thus for the country’s competitiveness, solving problems of the state in social, defence sectors.
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