No major successes in improving Russian investment climate yet, says Medvedev

File Photo of Outdoor Electronic Sign with Russian Exchange Data

(Interfax – Nov. 29, 2012) No substantial improvement in Russia’s investment climate has yet come about, Russian Prime Minister Dmitry Medvedev has said.

“Unfortunately, we have had no fundamental successes here,” Medvedev said at a Thursday government meeting at which he presented the preliminary results of a half year of cabinet of ministers activity.

“The task consists in the reduction of administrative barriers and increasing the efficiency of state structures, as well as increasing confidence in the decisions made both by the executive authority and the court,” the prime minister said. “We know there are many problems in this sphere,” he said.

“There are, of course, several [positive] outcomes. In particular, Russia has improved her position in World Bank ratings for the first time in eight years,” Medvedev said.

“By several indicators, the situation really appears relatively not bad. For example, Russia has risen to the 41st position as to tax administration. This is the most significant advance among this rating’s participant-countries,” the prime minister said. “We must not swell with pride but, nevertheless, this is not a bad number,” he said.

Medvedev spoke about the necessity of, together with the business community in the context of a national entrepreneurial initiative, move “with more sensitivity to entrepreneurial issues, to ready proposals for simplifying existing procedures in the ‘road map’ format.”

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