Vladimir Putin takes part in the 4th economic forum of CEOs of German companies
“One of the main lessons we learned is that our efforts to counteract the worst stages of a crisis must not be limited to addressing current issues alone; we must not forget about long-term goals, and we must not sacrifice our development principles and interests, or the social standards that have been achieved.” Vladimir Putin
At the 4th annual economic forum of CEOs and top managers of leading German companies
Vladimir Putin's speech:
Good afternoon ladies and gentlemen, Mr Kilz, participants and guests of the forum.
This is the first time a Russian prime minister is attending this impressive forum, organised by the newspaper Sueddeutsche Zeitung. I would like to thank all of you for inviting me to speak here today.
It would be logical to say a few words about this period in time, about the problems we currently face, about the global crisis and the lessons we learned from the dramatic events we went through in the last two years. We were all in a rather difficult situation, and we all, of course, thought of how to deal with the problems we confronted. We formulated and implemented many important projects together, and now we should evaluate their success.
We must not underestimate the seriousness of the problems we face. The crisis was not just a business contraction in some sectors and some countries: it was structural. Like the governments of other countries, the Russian government launched an anti-crisis programme and provided support for the financial system and the real economy. Many of the people here today probably know all about it. When we did this, when we invested big money in the country's financial system, for example, in order to support Tier 1 capital and provide liquidity for financial institutions, we did not distinguish between Russian financial institutions and financial institutions with a foreign capital.
We provided equal support for all institutions. The same cannot be said about some of our partner-countries, who did not provide any assistance to our financial institutions as part of their anti-crisis efforts; they were denied aid, in fact. However, I want to stress the fact that serious work has been done and, on the whole, it was positive.
We resisted the temptation of simple solutions. It was important to ensure that there was still space in the economy for entrepreneurship, to avoid a government takeover of the economy. We did not feel this temptation, and oddly enough, businesses inquired about it. Businesses were ready to sell themselves entirely to the state, to hand all the responsibility over to the state, but again we resisted the temptation and supported the economy.
Budget support for private companies, as a rule, was given in exchange for promises to modernise and boost efficiency.
We did not curtail key reforms as we carried out our anti-crisis programme. For example, the first law to boost energy efficiency in the economy was passed, and there were substantial amendments made to anti-monopoly legislation.
The anti-crisis measures brought results. The decline in Russia's gross domestic product lasted for just three quarters – until mid-2009. It has been gradually and stably growing since that time. Our economy is now recovering. As you all know, the same can be said for the Federal Republic of Germany and other European countries. I believe this year our economy will grow by a little over 4 percent.
Still, the world has not recovered from the crisis in full, and the systemic problems that caused it remain unresolved. Therefore, a thorough analysis of what happened is called for.
One of the main lessons we learned is that our efforts to counteract the worst stages of a crisis must not be limited to addressing current issues alone; we must not forget about long-term goals, and we must not sacrifice our development principles and interests, or the social standards that have been achieved. We have seen how people react to cuts in social benefits brought about by dire economic times in many countries, including European ones. Countries get caught in a downward spiral, and it is difficult to extricate oneself from it. Problems cannot be resolved by retreating, for example by cutting your country off from the advantages of global finance and trade. Of course, a number of protection measures were implemented in various countries, including Russia. This is true. Still, the fact is that the Russian economy opened up even more during the crisis, if you look at the figures. The Russian government sought to maintain the openness of the economy and did so, on the whole. We showed that we are prepared to continue cooperating with our international partners.
It is telling that the majority of German companies that conduct business in Russia have continued working in our country; moreover, they implemented large-scale investment plans during the crisis. For example, Volkswagen Group expanded car production to reach targets set before the crisis. We welcome this approach to business and will support it in every way possible.
There is one more point I would like to make on this note: the crisis has reminded us that each national economy depends on global markets and on the policies of other countries.
This needs to be said directly, and it has, in fact, been widely discussed in the German media, in Europe and Russia: I must say that neither Germany nor Russia is responsible for the global financial and economic crisis. Russia’s government debt is moderate, and other macroeconomic indicators are good enough. Yet, Russia’s economy was seriously affected by the shrinking demand for our traditional exports. Moreover, Russia has suffered a double blow as its export market contracted and the prices of its traditional exports slumped.
The international community is now trying to decide on some common rules of the game or work out new rules that would prevent imbalances and market bubbles in the future. This is certainly very important and useful work, but we should work more vigorously at the regional level at the same time. In Europe, where neighbouring economies are much more interconnected and interdependent, a regional format could help work out tougher and often more binding rules. This will make it easier to ensure mutual trust and oversight, which will result in greater stability.
And finally, it has become clear that Europe has been losing its position as a major industrial centre over the past decades. One could argue, of course, that relocating industrial production facilities to emerging economies is a logical and predictable process. Even if this is so, where does this logic come from? And in any case, there should be some reasonable limits on this process. There should be a line we should not cross unless we want engineering and R&D companies to leave Europe as well, following their industrial counterparts. This would significantly reduce the demand for qualified engineers and designers and, consequently, for higher education in these fields.
Therefore, I believe that a sense of social responsibility on the part of businesses is a highly important factor contributing to balance in any society, Russian society included. Improving people’s living standards and their welfare is every government’s priority and ultimate mission. This noble goal can only be attained through effective industry in an effective economy. Therefore, the economy should not be burdened with unnecessary obligations; on the contrary, it needs incentives and a favourable environment to become competitive.
I can assure you that we have learnt this lesson as far back as in the Soviet era. I have no intention of exaggerating or dramatising the situation, but you must have grasped my message: my concern is to preserve Europe’s traditional business profile, its leading role in the international division of labour and its key asset – its unique human capital.
Colleagues,
An analysis of the lessons of the crisis shows that we can only cope with systemic problems together. Putting this thesis in the Russian-German context, it is clear that it is extremely important for us to have truly full-scale economic and technological cooperation between our countries.
What does Russia have to offer our German partners, and what do we expect from our friends? I would like to remind you – those who work in Russia and those who study Russia undoubtedly know some figures, but here is one (it may not be astronomical, but still): Russia's GDP is 1 trillion euro and is growing by 50-70 billion euro every year (and this is what's most important, every year). The Russian government is consistently implementing its plans to modernise the economy and create a friendly business environment. We are working to eliminate all sorts of bureaucratic barriers in the constructions sector, in industry, in agriculture and in the social sphere as well.
Recently, the rules for bringing highly skilled foreign specialists to Russia were drastically simplified. Work permits are issued promptly, and there are no quotas. Foreign investors have to seek permission only when they buy shares in enterprises in strategic sectors of the economy. And the procedure of issuing permits will be simplified in the coming months.
Investing in sectors that are not classified as strategic does not require any permits. We are also working actively to make Russian regions more investment-friendly: we are applying principles and approaches that include the creation of special economic zones in the country's regions, and we are setting up industrial parks and addressing the problems of logistics and infrastructure.
Owing to its natural advantages, Russia could become a full-scale partner to Germany. We are talking about getting as much of our industry as possible involved in production chains together with the real sector of the German economy.
We can form stable cooperation in the mechanical engineering industry, pharmaceuticals, the production of medical equipment, building materials, the food industry and many other sectors.
Of course, achieving this will require bottom-up modernisation of many Russian enterprises or the construction of new, competitive ones. Therefore, we hope that modern technologies will come to our country along with foreign orders and investments.
Russian businessmen are also ready to invest their capital in the German industry. But let me be frank: this is often difficult to do, and for reasons that we cannot understand. What is happening? European industrial companies, faced with high costs in the eurozone, sometimes seek to move their production abroad. But when, say, Russian capital is trying to enter European business, it is simply denied entry in the European market. This despite the fact that the Europeans are very interested in it from the economic and even social points of view. I could cite many examples of Russian businesses that have tried to buy into European companies only to be met with politically and economically motivated resistance. Incidentally, Mr Scheffer, a member of the editorial board of Sueddeutsche Zeitung, has written about it in an introduction to my article, which was recently published in that newspaper. I read it just this morning. I appreciate his position. It is absolutely correct, and I am convinced that often the situation I am referring to harms not only potential investors from Russia, but the interests of European business too.
Let us recall the much-publicised Opel affair. Is that concern better off after a deal that had practically been sealed and was then called off? I think not. There have been no fundamental changes for the better there. But I hope there will be. We want it to happen. We have good relations with Opel, and we have good relations with GM, thank God. But it is unfortunate that the deal has been disrupted.
I should also mention some cases involving our companies. Severstal, which has done a great deal to acquire another major company, I think it is called Arcelor, it's located in Luxembourg – the deal was also blocked. Surgutneftegaz, a major Russian private oil company, bought a 20% stake in the Hungarian company MOL. Every trick in the book is being used to freeze out its representatives, to keep them out of the governing bodies in violation of all laws and rules. Another Russian private company, Renova, bought high-tech production facility in Switzerland that produces solar panels, only to find itself dragged to court after court. It appears they have settled the matter at last.
But one cannot work like that. And there are some other negative examples in Germany – in the telecom industry and the microelectronics industry.
On the positive side of the ledger, we are cooperating in the transport industry. We are doing some good work to develop high-speed railway links in Russia. We expect the companies Russian Railways and Deutsche Bahn to successfully implement their projects to create new logistical complexes and upgrade the quality of freight handling.
Another priority in our cooperation is creating a common energy space, which is key to any economy. Why is this so important? This not only about basic energy security. Extractable energy resources and leadership in energy efficiency will help improve our competitiveness on global markets.
The big Russian-German energy projects are well known. They are Nord Stream, the asset swap between Gazprom and the German companies E.ON and BASF, broad participation of German investors in the Russian electric power industry, joint construction of nuclear power facilities, including in third countries. These are large-scale projects involving hundreds of millions of euros and dollars in each case and sometimes billions in the electric energy field.
The Russian-German Energy Agency was established in October 2009. It has already come up with a package of projects to introduce energy efficient technologies in the housing sector, in the power industry, and in transport.
I would like to reiterate today that Russia is not opposed to developing new rules and promoting competition in the energy sphere. We recently carried out a sweeping reform of our electric power sector. 75% of it is now operating as a free market.
Nevertheless, I think it would be proper for new and fair rules in such a sensitive sphere to be worked out by our European Union and European Commission colleagues at least in consultation with Russia, as the major supplier of resources, so that the changes be gradual and evolutionary and do not destroy what already works well. Otherwise we will constantly find ourselves in absurd situations or conflicts that sometimes arise out of nowhere.
For example, Russian and German companies are investing considerable amounts in the construction of gas pipelines running on the bottom of the Baltic Sea and on the territory of the Federal Republic of Germany. These gas pipelines are necessary to carry Russian gas via the Nord Stream on to the end consumers.
Investors, of course, count on having priority rights to use this infrastructure to pump their own gas. This is their gas, and they have invested in building the pipeline. The Third Energy Package has been, or is in the process of being adopted. I am not sure that all those present know what is happening. Russian and German investors have built pipelines to deliver gas to the end consumers inside Germany, and now they are being denied the right to pump gas through them.
Listen, companies have invested hundreds of millions of dollars and euros in this project. Everything was honest and above board. Now, retroactively, a different decision has been taken and they are not allowed to use their own assets. You know, we have many problems in Russia and we sometimes do not behave properly, I am willing to admit that. We constantly hear from our partners in North America and Europe variations on the same theme: if you want to be part of the family of civilised nations behave in a civilised way. And what do we have here? Have our colleagues forgotten some basic, fundamental principles? One of them is that laws cannot be applied retroactively. This was formulated during the Great French Revolution. How can they do such a thing?
By the way, it has practical implications for other parts of Europe. Our companies, incidentally, together with their German partners, legitimately bought some assets of the gas pipeline system located in Lithuania. Now, invoking the Third Energy Package, they are being thrown out of there. They say, "Sell it." Now, if this is not robbery, what is it? I think mechanical application of the provisions of the Third Energy Package puts a serious question mark over the plans to modernise energy systems and develop infrastructure. Of course, we hope that a mutually acceptable solution on access to gas pipelines will eventually be found, and that the European Commission and the German regulators will take note of the reasonable arguments of the Russian investors and our European partners. Otherwise what is the point of all these activities, of investing in the security and the future of the European power industry?
Set down the rules for today. Our investors will know that these are the rules. Those who think these rules suit them will bring in investments. Those who do not will move their investments to some other regions. But inviting investments according to one set of rules and then changing these rules 100% and starting to take away the assets, well, really... It will be very hard to work that way. I hope it will not happen.
Ladies and gentlemen,
German politicians and entrepreneurs have long been reliable partners for Russia. We see that you are committed to achieving concrete results. I noted it when our country was still living through a very complicated and difficult period of rehabilitation after the break-up of the Soviet Union when I worked in Leningrad (now St Petersburg). It was already clear then that German partners were coming to the Russian economy to stay. They are not interested in fast money. They do not earn fast money, they invest in the financial system, in production and the power industry.
Russia and Germany have a big, shared agenda for the future. I would like to wish all of us success.
Once again I'd like to thank Sueddeutsche Zeitung for the invitation to address this conference and audience.
Thank you for your attention.
More to be posted soon...
http://premier.gov.ru/eng/events/news/13118/
At the 4th annual economic forum of CEOs and top managers of leading German companies
Vladimir Putin's speech:
Good afternoon ladies and gentlemen, Mr Kilz, participants and guests of the forum.
This is the first time a Russian prime minister is attending this impressive forum, organised by the newspaper Sueddeutsche Zeitung. I would like to thank all of you for inviting me to speak here today.
It would be logical to say a few words about this period in time, about the problems we currently face, about the global crisis and the lessons we learned from the dramatic events we went through in the last two years. We were all in a rather difficult situation, and we all, of course, thought of how to deal with the problems we confronted. We formulated and implemented many important projects together, and now we should evaluate their success.
We must not underestimate the seriousness of the problems we face. The crisis was not just a business contraction in some sectors and some countries: it was structural. Like the governments of other countries, the Russian government launched an anti-crisis programme and provided support for the financial system and the real economy. Many of the people here today probably know all about it. When we did this, when we invested big money in the country's financial system, for example, in order to support Tier 1 capital and provide liquidity for financial institutions, we did not distinguish between Russian financial institutions and financial institutions with a foreign capital.
We provided equal support for all institutions. The same cannot be said about some of our partner-countries, who did not provide any assistance to our financial institutions as part of their anti-crisis efforts; they were denied aid, in fact. However, I want to stress the fact that serious work has been done and, on the whole, it was positive.
We resisted the temptation of simple solutions. It was important to ensure that there was still space in the economy for entrepreneurship, to avoid a government takeover of the economy. We did not feel this temptation, and oddly enough, businesses inquired about it. Businesses were ready to sell themselves entirely to the state, to hand all the responsibility over to the state, but again we resisted the temptation and supported the economy.
Budget support for private companies, as a rule, was given in exchange for promises to modernise and boost efficiency.
We did not curtail key reforms as we carried out our anti-crisis programme. For example, the first law to boost energy efficiency in the economy was passed, and there were substantial amendments made to anti-monopoly legislation.
The anti-crisis measures brought results. The decline in Russia's gross domestic product lasted for just three quarters – until mid-2009. It has been gradually and stably growing since that time. Our economy is now recovering. As you all know, the same can be said for the Federal Republic of Germany and other European countries. I believe this year our economy will grow by a little over 4 percent.
Still, the world has not recovered from the crisis in full, and the systemic problems that caused it remain unresolved. Therefore, a thorough analysis of what happened is called for.
One of the main lessons we learned is that our efforts to counteract the worst stages of a crisis must not be limited to addressing current issues alone; we must not forget about long-term goals, and we must not sacrifice our development principles and interests, or the social standards that have been achieved. We have seen how people react to cuts in social benefits brought about by dire economic times in many countries, including European ones. Countries get caught in a downward spiral, and it is difficult to extricate oneself from it. Problems cannot be resolved by retreating, for example by cutting your country off from the advantages of global finance and trade. Of course, a number of protection measures were implemented in various countries, including Russia. This is true. Still, the fact is that the Russian economy opened up even more during the crisis, if you look at the figures. The Russian government sought to maintain the openness of the economy and did so, on the whole. We showed that we are prepared to continue cooperating with our international partners.
It is telling that the majority of German companies that conduct business in Russia have continued working in our country; moreover, they implemented large-scale investment plans during the crisis. For example, Volkswagen Group expanded car production to reach targets set before the crisis. We welcome this approach to business and will support it in every way possible.
There is one more point I would like to make on this note: the crisis has reminded us that each national economy depends on global markets and on the policies of other countries.
This needs to be said directly, and it has, in fact, been widely discussed in the German media, in Europe and Russia: I must say that neither Germany nor Russia is responsible for the global financial and economic crisis. Russia’s government debt is moderate, and other macroeconomic indicators are good enough. Yet, Russia’s economy was seriously affected by the shrinking demand for our traditional exports. Moreover, Russia has suffered a double blow as its export market contracted and the prices of its traditional exports slumped.
The international community is now trying to decide on some common rules of the game or work out new rules that would prevent imbalances and market bubbles in the future. This is certainly very important and useful work, but we should work more vigorously at the regional level at the same time. In Europe, where neighbouring economies are much more interconnected and interdependent, a regional format could help work out tougher and often more binding rules. This will make it easier to ensure mutual trust and oversight, which will result in greater stability.
And finally, it has become clear that Europe has been losing its position as a major industrial centre over the past decades. One could argue, of course, that relocating industrial production facilities to emerging economies is a logical and predictable process. Even if this is so, where does this logic come from? And in any case, there should be some reasonable limits on this process. There should be a line we should not cross unless we want engineering and R&D companies to leave Europe as well, following their industrial counterparts. This would significantly reduce the demand for qualified engineers and designers and, consequently, for higher education in these fields.
Therefore, I believe that a sense of social responsibility on the part of businesses is a highly important factor contributing to balance in any society, Russian society included. Improving people’s living standards and their welfare is every government’s priority and ultimate mission. This noble goal can only be attained through effective industry in an effective economy. Therefore, the economy should not be burdened with unnecessary obligations; on the contrary, it needs incentives and a favourable environment to become competitive.
I can assure you that we have learnt this lesson as far back as in the Soviet era. I have no intention of exaggerating or dramatising the situation, but you must have grasped my message: my concern is to preserve Europe’s traditional business profile, its leading role in the international division of labour and its key asset – its unique human capital.
Colleagues,
An analysis of the lessons of the crisis shows that we can only cope with systemic problems together. Putting this thesis in the Russian-German context, it is clear that it is extremely important for us to have truly full-scale economic and technological cooperation between our countries.
What does Russia have to offer our German partners, and what do we expect from our friends? I would like to remind you – those who work in Russia and those who study Russia undoubtedly know some figures, but here is one (it may not be astronomical, but still): Russia's GDP is 1 trillion euro and is growing by 50-70 billion euro every year (and this is what's most important, every year). The Russian government is consistently implementing its plans to modernise the economy and create a friendly business environment. We are working to eliminate all sorts of bureaucratic barriers in the constructions sector, in industry, in agriculture and in the social sphere as well.
Recently, the rules for bringing highly skilled foreign specialists to Russia were drastically simplified. Work permits are issued promptly, and there are no quotas. Foreign investors have to seek permission only when they buy shares in enterprises in strategic sectors of the economy. And the procedure of issuing permits will be simplified in the coming months.
Investing in sectors that are not classified as strategic does not require any permits. We are also working actively to make Russian regions more investment-friendly: we are applying principles and approaches that include the creation of special economic zones in the country's regions, and we are setting up industrial parks and addressing the problems of logistics and infrastructure.
Owing to its natural advantages, Russia could become a full-scale partner to Germany. We are talking about getting as much of our industry as possible involved in production chains together with the real sector of the German economy.
We can form stable cooperation in the mechanical engineering industry, pharmaceuticals, the production of medical equipment, building materials, the food industry and many other sectors.
Of course, achieving this will require bottom-up modernisation of many Russian enterprises or the construction of new, competitive ones. Therefore, we hope that modern technologies will come to our country along with foreign orders and investments.
Russian businessmen are also ready to invest their capital in the German industry. But let me be frank: this is often difficult to do, and for reasons that we cannot understand. What is happening? European industrial companies, faced with high costs in the eurozone, sometimes seek to move their production abroad. But when, say, Russian capital is trying to enter European business, it is simply denied entry in the European market. This despite the fact that the Europeans are very interested in it from the economic and even social points of view. I could cite many examples of Russian businesses that have tried to buy into European companies only to be met with politically and economically motivated resistance. Incidentally, Mr Scheffer, a member of the editorial board of Sueddeutsche Zeitung, has written about it in an introduction to my article, which was recently published in that newspaper. I read it just this morning. I appreciate his position. It is absolutely correct, and I am convinced that often the situation I am referring to harms not only potential investors from Russia, but the interests of European business too.
Let us recall the much-publicised Opel affair. Is that concern better off after a deal that had practically been sealed and was then called off? I think not. There have been no fundamental changes for the better there. But I hope there will be. We want it to happen. We have good relations with Opel, and we have good relations with GM, thank God. But it is unfortunate that the deal has been disrupted.
I should also mention some cases involving our companies. Severstal, which has done a great deal to acquire another major company, I think it is called Arcelor, it's located in Luxembourg – the deal was also blocked. Surgutneftegaz, a major Russian private oil company, bought a 20% stake in the Hungarian company MOL. Every trick in the book is being used to freeze out its representatives, to keep them out of the governing bodies in violation of all laws and rules. Another Russian private company, Renova, bought high-tech production facility in Switzerland that produces solar panels, only to find itself dragged to court after court. It appears they have settled the matter at last.
But one cannot work like that. And there are some other negative examples in Germany – in the telecom industry and the microelectronics industry.
On the positive side of the ledger, we are cooperating in the transport industry. We are doing some good work to develop high-speed railway links in Russia. We expect the companies Russian Railways and Deutsche Bahn to successfully implement their projects to create new logistical complexes and upgrade the quality of freight handling.
Another priority in our cooperation is creating a common energy space, which is key to any economy. Why is this so important? This not only about basic energy security. Extractable energy resources and leadership in energy efficiency will help improve our competitiveness on global markets.
The big Russian-German energy projects are well known. They are Nord Stream, the asset swap between Gazprom and the German companies E.ON and BASF, broad participation of German investors in the Russian electric power industry, joint construction of nuclear power facilities, including in third countries. These are large-scale projects involving hundreds of millions of euros and dollars in each case and sometimes billions in the electric energy field.
The Russian-German Energy Agency was established in October 2009. It has already come up with a package of projects to introduce energy efficient technologies in the housing sector, in the power industry, and in transport.
I would like to reiterate today that Russia is not opposed to developing new rules and promoting competition in the energy sphere. We recently carried out a sweeping reform of our electric power sector. 75% of it is now operating as a free market.
Nevertheless, I think it would be proper for new and fair rules in such a sensitive sphere to be worked out by our European Union and European Commission colleagues at least in consultation with Russia, as the major supplier of resources, so that the changes be gradual and evolutionary and do not destroy what already works well. Otherwise we will constantly find ourselves in absurd situations or conflicts that sometimes arise out of nowhere.
For example, Russian and German companies are investing considerable amounts in the construction of gas pipelines running on the bottom of the Baltic Sea and on the territory of the Federal Republic of Germany. These gas pipelines are necessary to carry Russian gas via the Nord Stream on to the end consumers.
Investors, of course, count on having priority rights to use this infrastructure to pump their own gas. This is their gas, and they have invested in building the pipeline. The Third Energy Package has been, or is in the process of being adopted. I am not sure that all those present know what is happening. Russian and German investors have built pipelines to deliver gas to the end consumers inside Germany, and now they are being denied the right to pump gas through them.
Listen, companies have invested hundreds of millions of dollars and euros in this project. Everything was honest and above board. Now, retroactively, a different decision has been taken and they are not allowed to use their own assets. You know, we have many problems in Russia and we sometimes do not behave properly, I am willing to admit that. We constantly hear from our partners in North America and Europe variations on the same theme: if you want to be part of the family of civilised nations behave in a civilised way. And what do we have here? Have our colleagues forgotten some basic, fundamental principles? One of them is that laws cannot be applied retroactively. This was formulated during the Great French Revolution. How can they do such a thing?
By the way, it has practical implications for other parts of Europe. Our companies, incidentally, together with their German partners, legitimately bought some assets of the gas pipeline system located in Lithuania. Now, invoking the Third Energy Package, they are being thrown out of there. They say, "Sell it." Now, if this is not robbery, what is it? I think mechanical application of the provisions of the Third Energy Package puts a serious question mark over the plans to modernise energy systems and develop infrastructure. Of course, we hope that a mutually acceptable solution on access to gas pipelines will eventually be found, and that the European Commission and the German regulators will take note of the reasonable arguments of the Russian investors and our European partners. Otherwise what is the point of all these activities, of investing in the security and the future of the European power industry?
Set down the rules for today. Our investors will know that these are the rules. Those who think these rules suit them will bring in investments. Those who do not will move their investments to some other regions. But inviting investments according to one set of rules and then changing these rules 100% and starting to take away the assets, well, really... It will be very hard to work that way. I hope it will not happen.
Ladies and gentlemen,
German politicians and entrepreneurs have long been reliable partners for Russia. We see that you are committed to achieving concrete results. I noted it when our country was still living through a very complicated and difficult period of rehabilitation after the break-up of the Soviet Union when I worked in Leningrad (now St Petersburg). It was already clear then that German partners were coming to the Russian economy to stay. They are not interested in fast money. They do not earn fast money, they invest in the financial system, in production and the power industry.
Russia and Germany have a big, shared agenda for the future. I would like to wish all of us success.
Once again I'd like to thank Sueddeutsche Zeitung for the invitation to address this conference and audience.
Thank you for your attention.
More to be posted soon...
http://premier.gov.ru/eng/events/news/13118/
