РУССКИЙ
18:54 04.12.2024 •
Photo: Kremlin.ru
Vladimir Putin delivered a speech on Russia's economy and its part in the global value chain, touching upon financial issues and welcoming foreign investors to the Russian stock market at VTB’s "Russia Calling" investment forum, Sputnik Globe reports.
Investments in fixed capital of Russian business are growing for the third year in a row, despite all the problems that arise or that are being created from outside, Russian President Vladimir Putin said on Wednesday.
"Taking into account all the difficulties, investments in fixed capital of Russian business have been growing for the third year in a row, despite all the problems that we are experiencing or that they are trying to create for us from the outside," Putin said.
Russia will continue to strengthen the capital market, support companies entering the stock exchange, the president added.
Russia's GDP has grown by 4.1% in January-October this year, and the main growth is concentrated in manufacturing industries, in sectors with high added value, Russian President Vladimir Putin said.
"Last year, Russia's gross domestic product grew by 3.6%. This is well known. And in January-October of this year, it increased by 4.1%. Moreover, growth is mainly concentrated in manufacturing industries, in sectors with high added value. So, in 10 months our manufacturing industry has increased by more than 8%, or rather 8".
The Russian economy will grow by approximately 4% this year, President Vladimir Putin said.
"This year... Russia's economy will grow, last year it was 3.6%, this year it will be around 4%: 3.9%, or maybe 4%," Putin said.
Russia has invited investors from friendly countries to the country’s stock market, President Vladimir Putin stressed.
"Of course, we are inviting investors from friendly countries to our stock market… Russia is part of the global economy and we welcome reverse capital flows," Putin said.
Putin added that no one was forced to abandon the Russia market, and many Western companies have decided to stay despite pressure.
"I have already said, I think, at the last forum, and in general I always say this at every opportunity: we did not expel anyone, we did not push anyone out of our market," Putin stressed, adding that many Western companies have stayed in Russia despite "political pressure."
The Russian cabinet of ministers and the Central Bank are pursuing a balanced policy, Putin underscored.
"From January to October of this year, the surplus of the country's consolidated budget and off-budget funds was about 2.5 trillion rubles [$24 billion], while expenses... amounted to less than 35% of GDP, which corresponds to the level of 2021. This suggests that the government and the central bank are pursuing a very balanced policy," Putin said.
Putin also noted that it is necessary to contain inflation in Russia, adding that coordinated actions of the Central Bank and the government are needed to curb inflation.
All the elements of Russia's national digital infrastructure of the financial sector are formed and successfully operating, which is a serious competitive advantage for the Russian economy, Vladimir Putin added.
"According to experts, one of the most important long-term factors for global growth will be the implementation of the National Digital Infrastructure in the financial sector. In some countries, for example, in the EU countries, in Australia, in Singapore, only certain elements of such an infrastructure have been mastered so far. But in Russia, all its elements have already been formed and are working successfully," Putin said.
The settlements using digital ruble in Russia should be possible nationwide from July 1, 2025, the Russian president added.
Meanwhile, BRICS is trying to pay attention to the creation of a unified digital payment system.
"We are trying to give our BRICS colleagues due attention to it. I repeat, not only because whoever creates some problems for us, which are, of course, serious, and to a certain extent they hinder us, problems with settlements. But also because, most importantly, the world economy is developing,.. the number of partners is increasing, and everyone wants not only safe ways of economic communication and settlements. Everyone wants modern means of settlements," Putin said.
Russia is among the leaders in terms of the quality of the business climate, Russian President Vladimir Putin stressed.
"A study showed that Russia is among the global leaders in the investment climate rating, while Russia is certainly ahead of all countries in terms of the regulatory framework and the quality of public services. And in terms of such parameters as business registration, real estate management, it confidently ranks second," Putin said.
Russia seeks to strengthen economic sovereignty and technological leadership, Putin said.
"Russia unites the efforts of the state, society and business in strengthening economic sovereignty, in achieving technological leadership of our country, in developing a stable nationally oriented banking system and a strong financial and stock market," Putin added.
The problems of European economies are related not only to the loss of energy resources from Russia, but also to the disruption of trade ties and logistics, Russian President Vladimir Putin explained.
"The European economy is going through difficult times. Of course, the severing of ties with Russia plays a serious role not only because Germans and other Europeans have lost the opportunity to receive stable Russian energy resources at acceptable prices, but also for other reasons. For example, it is impossible to sell their products on our market, it is impossible to supply components to those companies that were previously established by European investors in our country, it is impossible to use logistics routes that also brought a certain profit, it is impossible to use the European currency euro for payments," Putin said.
The United States is not acting like an ally in the issue of energy relations with Europe, Russian President Vladimir Putin added.
"The Americans forbid you [Germany] to use the Russian market, to use our relatively cheap energy resources, while the United States itself creates conditions for more favorable participation of European [including German] investors in the economy of the United States. This is, to put it bluntly, not very allied behavior, to put it mildly. But I do not want to go into these details here. Germany knows this very well," Putin said.
Russia will not create special conditions for Western companies that want to return to the Russian market, but it will not hinder this desire either, Russian President Vladimir Putin said.
"Will we create conditions for those who want to return? We will not create special conditions. We did not push anyone out, we did not forbid anyone, our doors are open," Putin stressed.
Putin noted that Russia will not prevent the return of Western companies to the Russian market.
Russian President Vladimir Putin said that he hopes that there will be a normalization of relations with Western countries, as both parties have interest in this.
"I hope that our relations with our Western partners will normalize sometime. And, first of all, because they are interested in it themselves, but we also have an interest, of course," Putin stressed.
Meanwhile, Russia is developing relations with China regardless of the events in Ukraine, as this country is a long-standing trade and economic partner of Russia.
"Our relations with China are developing regardless of the events that take place in Ukraine. China has long been our largest trade and economic partner," Putin said.
Vladimir Putin also recalled that Russia and Germany have enjoyed decades of good relations and mutual understanding.
"Now, everything from the East is better than from the West: look at the conditions that are created for the German economy here in Russia and on the part of your traditional allies and partners, now we are only talking about the business environment. But our doors are always open, we have always had very good relations with Germany for decades, we understood each other very well," Putin said.
The Russian president also said that economic decisions should not be made for political reasons, adding that the level of sovereignty is of great importance.
German carmaker Volkswagen should have never left Russia, as this "mistake" cost them profits, Putin added.
US President Joe Biden's administration is doing a lot to undermine the dollar's influence on the global stage, Russian President Vladimir Putin said.
"The newly elected president [of the United States, Donald Trump] has not been in the same White House for four years... And during this time, there have been certain changes in the economy, global and the US... His successors and his political opponents have done a lot to undermine the fundamentals of the dollar as the world's reserve currency. And, first of all, they did it with their own hands, using the dollar as an instrument of political, and maybe even armed struggle," Putin stressed.
Russia did not give up dollar, its use was denied to Moscow, Putin said.
Even the countries that are allies of the United States are reducing their gold and foreign exchange reserves in dollars and euros, Putin added.
"Even countries that are unconditional allies of the United States, they are reducing their gold reserves, gold and foreign exchange reserves, both in dollars and euros, by the way. Over the past ten years, the reduction has been approximately 13%. This is a significant amount. Moreover, this happens naturally. And no one will be able to reverse these processes, especially with the help of sanctions and forceful methods, which are destructive for the economy," Putin recalled.
Meanwhile, Putin is reluctant to give advices to US President-elect Donald Trump.
"Mr. Trump is the kind of person who does not need advice and recommendations," Putin said.
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