AFP, Saint Petersburg :
President Vladimir Putin on Thursday said Russia was “counting” on foreign investments to realise major new projects, as the recent arrests of foreign businessmen hung over a showcase economic forum.
Dubbed the “Russian Davos” when the economy was booming, the annual Saint Petersburg International Economic Forum this year also comes amid slowing growth and an ongoing crisis with the West.
“Clearly we are counting first and foremost on attracting investment, both domestic and foreign” in order to diversify and boost the economy, Putin told a roundtable with the heads of major news agencies at the event.
After two years of recession – caused by a fall in oil prices and sanctions for its role in the Ukraine crisis – Russia returned to growth in 2017. But its economy ticked up by only 0.5 percent in the first quarter of this year.
Moscow desperately needs investment if it is to fulfil the ambitious goals announced by Putin at the start of his fourth term in the Kremlin last year.
President Vladimir Putin on Thursday said Russia was “counting” on foreign investments to realise major new projects, as the recent arrests of foreign businessmen hung over a showcase economic forum.
Dubbed the “Russian Davos” when the economy was booming, the annual Saint Petersburg International Economic Forum this year also comes amid slowing growth and an ongoing crisis with the West.
“Clearly we are counting first and foremost on attracting investment, both domestic and foreign” in order to diversify and boost the economy, Putin told a roundtable with the heads of major news agencies at the event.
After two years of recession – caused by a fall in oil prices and sanctions for its role in the Ukraine crisis – Russia returned to growth in 2017. But its economy ticked up by only 0.5 percent in the first quarter of this year.
Moscow desperately needs investment if it is to fulfil the ambitious goals announced by Putin at the start of his fourth term in the Kremlin last year.
