Members of the Russian banking elite have come to London for the 7th Russian Economic Forum. Addressing the gathering, President of Alfa Bank Pyotr Aven said that Russia's economic growth rate does not seem all that impressive when compared with China's or Ukraine's. The government should help the business community attract foreign investment, he argues. In his opinion, the banking sector has a important role to play in stimulating economic growth, but it is in need of support just as well as other private sectors. "The share of bank assets in Russia's Gross Domestic Product has increased to 42 percent, which is still well below the level of developed countries," he said. Russian banks now account for a mere 5 percent in total investment, he added.
"The government should stimulate small and medium-sized businesses while the banking sector should create jobs and boost consumption," Aven holds.
Ilya Yurov, Board Chairman of the investment bank TRUST, believes that the government should prioritize industries for stimulation and make active and consistent efforts to encourage their development through regulation. The business community, for its part, should concentrate on the crediting of the national economy, Yurov argues. It's high time Russian banks began to heavily invest in the domestic economy rather than sending money to Europe and the United States, he emphasized.
