Russian companies urged to buy abroad

Russian companies need to follow China’s lead and invest more in foreign assets, according to First Deputy Prime Minister Dmitry Medvedev. The favourite to win March’s presidential poll told politicians and businessmen in Krasnodar that a stable economy i

The forum, in Russia’s south, focuses on interaction between state corporations and private businesses, as well as investment policy.

Medvedev said Russian companies can count on government support at home and abroad, especially in the highly competitive energy and hi-tech industries.

“Our companies are already actively developing production in Russia. But it’s also important to invest in foreign businesses, by either buying whole companies or shares. Most major countries are already doing it. And some, like China, are doing it quite actively. We could follow their example,” said Medvedev.

The Krasnodar region will host the Winter Olympics of 2014, and investment opportunities for the area are also high on the agenda.

The event takes place at a time when Russia is seeking to diversify its economy away from oil and gas by encouraging greater investment in hi-tech projects.