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    Russia may privatize certain state corporations - Medvedev

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    Russian President Dmitry Medvedev said on Wednesday that government corporations operating in competitive industries in Russia could be transformed into joint stock companies.

    MOSCOW, October 21 (RIA Novosti) - Russian President Dmitry Medvedev said on Wednesday that government corporations operating in competitive industries in Russia could be transformed into joint stock companies.

    "As far as the floating of government corporations operating in the competitive segment of the economy is concerned, I believe we will need to carry out this measure," Medvedev said at a meeting with business leaders focusing on measures to modernize the economy and seek means of overcoming the recession.

    Government corporations were established under the presidency of Vladimir Putin to exercise the powers of the government in certain areas of the economy.

    They currently operate in machine-building (Russian Technology Corp.), nuclear power (Rosatom), nano-technologies (Rosnano), housing and utilities (Housing and Utilities Fund), the financial sector (Vnesheconombank, the Association of Deposit Insurance) and 2014 Sochi Winter Olympics construction (Olympstroi).

    Corporations with similar functions were set up in aircraft building (United Aircraft Corporation) and shipbuilding (United Shipbuilding Corporation) as well as auto road construction (Rosavtodor).

    Government corporations have been frequently criticized for lack of transparency in their operations.

    Medvedev said that only government corporations still operating in non-competitive fields will remain.

    The president stressed that the state must limit its interference in the economy.

    "The crisis has shown that all our aspirations to give up a state presence have proved to be inconsistent. But at the same tine, we must be aware of the boundaries beyond which we should not go in the current situation," he said.

     

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