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Mr. Oreshkin urged foreign businesses to accelerate the economy of Russia

Foreign investors show great interest in investing in the Russian economy and are ready to increase their investments as soon as a new period of stability comes. This was announced on Wednesday on the sidelines of the Russia-ASEAN summit by the Minister of Economic Development Maxim Oreshkin.

“It is clear that in any period of volatility, new investors, those who are not yet working on the Russian market, always take a pause to see how the situation will be in future, they are not in a hurry to take such strategic decisions during volatility”, said Oreshkin, commenting on the outflow foreign investors, fixed by the Central Bank.

According to the regulator, we recall that direct investment in Russia in January-September 2018 decreased 11 times – 25.8 to 2.4 billion dollars. At the same time, in Q3 2018 an outflow of $ 6 billion was recorded – an amount a record for the entire new history of the country.

Although the statistics capture the withdrawal of money and the winding down of business, in fact, “investors are talking about the desire to continue to invest, increase more investment”, said Oreshkin, adding that such statements are made non-publicly, in couloirs.

“It is very important that those companies that work in Russia continue to reinvest their profits, this is actually a very important source of foreign direct investment, when companies earn domestically and again invest in the development of their own projects, so here we see that all the companies that work, they are very actively interested in new opportunities”, said Mr. Oreshkin to Interfax.

According to the minister, the Russian economy has become much more stable, as evidenced by its reaction to a sharp drop in oil prices and capital outflows. “Here you can draw a very good parallel from 2014, when the debt repayment process was also underway, it seriously affected financial markets. Now we see at the same time a sharp drop in short-term oil prices, we see a reduction in foreign debt — all of this adds to the nervousness of the markets, but compared to 2014, while it is possible to draw some degree of parallel with these situations, financial markets, and the economy as a whole is more or less stable, which is a consequence of those macroeconomic structural reforms that were made based on experience, including 2014”, said Mr. Oreshkin.

 

Source: www.finanz.ru 

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