15:58 GMT28 May 2020
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    St.Petersburg International Economic Forum 2016 (38)

    Russia intends to carry out a serious technological modernization and looks forward to procure new technologies and attract foreign investment, Russian President Vladimir Putin said Thursday.

    ST. PETERSBURG (Sputnik) — According to Putin, Russia is interested in mutually beneficial cooperation with foreign investors.

    "Within the import substitution programs Russia creates strong enterprises, which are capable to successfully compete on external markets. We intend to carry out a serious technological renovation in order to increase their efficiency and that is why we are interested to attract investment and modern technologies," Putin said at a meeting with foreign investors at the St. Petersburg International Economic Forum (SPIEF).

    Foreign investors will get long-term guarantees, privileges and other preferences in exchange for investors' obligations, in particular, to increase the technological level and localize the production in Russia.

    Russia has not imposed restrictions on capital flow and has no plans to do so in future, Putin said.

    "Despite the objective difficulties, though they definitely exist, we have not imposed restrictions on capital flow. And I want to stress, dear friends, that we are not going to do so."

    According to Putin, the Russian market remains one of the most open among other developing markets.

    SPIEF started at the ExpoForum Convention and Exhibition Centre in St. Petersburg earlier on Thursday and will continue until June 18.

    St.Petersburg International Economic Forum 2016 (38)


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