Russia's pension system 'unsuccessful': Medvedev

The pension system in Russia is ‘highly unsuccessful’. That's according to Dmitry Medvedev – the country's First Deputy Prime Minister and the man Vladimir Putin is backing in March's presidential election.

While talking to sailors in the northern city of Murmansk, Medvedev said the government will start reforming the system as early as this year. He warned that the changes must be carefully monitored because the issue is very complicated.

Also, Medvedev said that a draft law is being prepared to allow foreign investment in Russian fishing industry.

“We don’t need to keep the sector closed to foreigners, but we should give preference to the Russian fishing fleet and fishing companies,” he said.

Speaking in Russia's northern port, Medvedev also said the country is working on the revival of its navy so the country is a strong naval power.

Medvedev is currently on a working visit to the Russian regions to observe national social projects which he's in charge of.

When meeting with journalists, he said he would soon make public his election campaign programme.