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35th session of the Foreign Investment Advisory Council in Russia

Mikhail Mishustin’s opening remarks:

Good afternoon, ladies and gentlemen.

I am happy to welcome all of you at the 35th session of the Foreign Investment Advisory Council (FIAC).

The world is gradually adapting to the new realities. It has largely overcome the shock caused by the arrival of the coronavirus. The global economy is growing again. Today, we can continue discussing all topical issues as openly and constructively as we did at the previous sessions of our council.

Russia is following the global trend of positive changes. We have also recovered our growth. The measures to support our people and businesses that the Government of the Russian Federation carried out on the President’s instructions have produced good results. The Ministry of Economic Development estimates that Russia’s GDP has increased by 4.7 percent in the eight months of this year. The economy has matched and even exceeded the pre-crisis level. Investment, housing construction, freight turnover and retail trade are growing at a confident pace. On the contrary, unemployment is rapidly declining.

International organizations confirm the positive forecasts for the Russian economy. Thus, following the World Bank, the International Monetary Fund upgraded its forecast for our 2021 economic growth last week.

We are resuming business activities. Investment demand has become a key driver in this respect. Investment in capital stock has increased. In the first half of the year, foreign investment to about $ 11 billion.

We are seeing positive momentum in foreign trade as well. In January-August, trade went up by almost 40 percent. Importantly, export expansion played the main role in this regard.

More to be posted soon …

EDITOR’S NOTE: This article is a translation. Apologies should the grammar and or sentence structure not be perfect.

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