Putin Demonstrates That Russian Economy No Longer Shackled to Oil and Gas
We are beginning with important statements from Vladimir Putin, which he made today at the investment forum "Russia Calling!" This is a unique venue, where representatives of big business and government meet for the ninth time. This year, participants came from almost all continents. Obviously, investor interest in our country is growing. According to the President, Russia's economy emerged from stagnation and demonstrates steady growth, and record low inflation.
And, nevertheless, the growth rate should be higher. And to achieve this, it’s necessary to reduce the dependence on oil and gas prices. Denis Davydov will tell you about the signal that investors received today.
The "Russia Calling!" Forum is firmly entrenched in the appointment calendar of businessmen. Although they tried to isolate Moscow with sanctions, investors come, and there are much more of them than, say, 9 years ago when the first meeting was held.
Over the years, the number of delegates has grown 7 times. Today, 2,000 financial experts from 60 countries are in the hall.
Vladimir Putin: "Such representativeness once again emphasizes the great interest in contemporary Russia and its potential. It shows a mutual desire for dialogue and cooperation, which is a key condition for establishing and developing business ties, and searching for promising directions for investment. Russia offers such opportunities for cooperation especially now, when our economy came out of stagnation, and its revival became stable".
The growth of the economy is small, but, what’s important, stable. Purchasing activity is growing, industry is catching up. Pharmaceuticals and the automotive sector are industry leaders. Goods labeled "Made in Russia" are pushing aside their competitors in foreign markets. The export of domestic machines to the EU countries grew by 15% alone. Agricultural products and weapons were exported for $33 billion, and, curiously, agrarians have a bigger share than the defense industry.
More than a third of foreign sales is provided by our non-commodity sector.
Vladimir Putin: "In 2014, oil and gas revenues accounted for more than half of budget revenue, 51.3% to be more precise, but this year, it’s about 39%. And in the next three-year period, due to non-oil and gas revenues, only a third of federal revenues, the federal treasury, will be formed this way".
The President noted the expert policy of the Central Bank. The inflation rate today is as low as ever, less than 3%, and this is a good sign for businessmen who come to work in Russia.