"The government is expected to focus on hi tech industries, innovative activities, on creating a more effective structure of the financial and stock market, and streamlining the insurance and banking sectors," Mr. Fradkov said as he addressed an annual investment conference in Moscow.
Mr. Fradkov said the government was set to continue improving corporate and financial governance, ensuring investors' rights and banks' transparency by switching over to unified financial reporting standards.
The government is set to improve law to ensure the development of the stock market, start creating a central depository, create an effective clearing system and promote enterprises on stock markets.
Mr. Fradkov noted the importance of creating a long-term accumulative insurance system.
Mr. Fradkov said the anti-trust legislation would be improved among other laws.
"The anti-trust legislation will be amended to promote competition and ensure preventive control over malpractice on the market," said the premier.
Mr. Fradkov believes this will trigger a growth in investment and will raise the Russian economy's competitiveness.
"The Federal Anti-Trust Service is no longer part of the Economic Development and Trade Ministry, and it is subordinate directly to the head of government. We thereby emphasized the importance of the service's activities," the premier said as he addressed foreign investors.
Mr. Fradkov emphasized the service was designed to ensure equal competition between Russian and foreign businessmen.
"The reform of the anti-trust legislation will help you [foreign investors] stop looking about, make everything clear for you and ensure equal conditions for all," said Mr. Fradkov.
Mr. Fradkov also reported on a law on competition protection on the market being drafted by the government. "This law will ensure control over the activities of organizations domineering on the market," said the premier.
Mr. Fradkov said the government was expected to complete the stock market-related legislation in the next few months.
"The appointment of Oleg Vyugin [as chief of the Federal Service for Financial Markets], an expert of authority, is a guarantee that we will complete the legislation which the sphere is lacking at the moment," said Mr. Fradkov.
