Russian President Dmitry Medvedev on Tuesday urged the government to work out measures to attract investment into Russia as the global economy continued to recover from recession.
"The world economy's rebound after the crisis will create favorable conditions for the resumption and growth of foreign investment. Our economy will be able to receive it in the necessary amounts, if investment conditions in our country are better than in countries competing with us in attracting capital," Medvedev said.
The Russian president, in particular, proposed measures to lift quotas on the hire of skilled foreign specialists, provide a mechanism of timely VAT refund in capital construction and the export of products other than raw materials, and ease customs clearance for engineering and hi-tech companies.
Medvedev said last year's statistics of foreign investment in Russia were disquieting.
"Overall, capital investment in the Russian economy decreased 17% in real terms adjusted for inflation. Amid a general decline in foreign direct investment in the global economy last year, investment into Russia decreased 41%, which is sad," he told a meeting on the country's investment environment.
At the same time, Medvedev said Russia, which was hit hard by the global economic crisis, had managed to avoid panicked capital flight.
MOSCOW, February 2 (RIA Novosti)
