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28 Dec, 2022 16:22

Putin promises improved business environment

The government will support high-tech industries and investments, the Russian president has said
Putin promises improved business environment

Moscow will continue to promote the development of modern, high-tech companies and create comfortable conditions for investors to work in the country, Russian President Vladimir Putin said on Wednesday.

The statement was made during the launch of the Pskov Titan-Polymer Plant, which is expected to strengthen Russia’s industrial sovereignty and contribute to import substitution of polymer products used in the pharmaceutical industry and food packaging, among other areas.

Putin, who was participating in the event via video link, talked about plans to form an industrial cluster of enterprises in Pskov Region that will use Titan-Polymer products as raw materials. This will help create new jobs and strengthen the economy and social sphere of the region, he said.

“I hope that next year we will have … even more launches of such high-tech industries [in Russia],” the president stated.

A recent study by McKinsey’s former Russian division, consulting company Yakov & Partners, shows that the business climate in Russia has been improving despite a series of sweeping Western sanctions. Half of the largest Russian companies have reported an improvement in business conditions in the country and three-quarters expect the situation to continue to improve in 2023. This may indicate a recovery in sentiment in the Russian economy, according to the authors of the study.

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