13:17 GMT +304 December 2016
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    RUSSIA'S NEW FOREST CODE TO BOOST ECONOMIC PROGRESS: ECONOMY MINISTER

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    MOSCOW, FEBRUARY 2, RIA NOVOSTI - Russia's forthcoming Forest Code promises to boost the growth of the gross domestic product, said Hermann Gref, federal Minister of Economic Development and Trade. He was addressing a news conference on the ministerial premises, which summed up debates on an updated code version.

    "The Forest Code is among key documents that can send the GDP spectacularly up, what with the huge economic potential of Russian forests," Mr. Gref said to our correspondent, who asked him what economic effect could be expected of the new code.

    "It is hard to overestimate the importance of the code. It will give an impetus to commercialising timber industry. I hope we shall develop into one of the world's strongest countries for timber industry, and shall export thoroughly processed produce.

    "Nowadays, all have to make do with short-term lease contracts, so we cannot expect sizeable capital investments in the industry. Big companies are looking forward to the code entering into force. They pin investment hopes on its adoption," the minister emphasised.

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