The global financial crisis has ruined the traditional economic model with developed economies not guaranteeing safety for investors any more and Russia must use the situation to push forward its economic growth, President Dmitry Medvedev said on Friday.
"High ratings do not guarantee investment security any more. We, for the first time in recent years, can say it out loud that structural reforms are necessary not only in emerging economies, but primarily in developed states," the president told the 2010 St.Petersburg International Economic Forum.
"Not so long ago we couldn't even imagine that advanced economies would face fears of a sovereign debt crisis and budget deficit," he said.
"We live in unique time. And we must use it to build modern, prosperous and strong Russia. A Russia, which will become a co-founder of a new economic order and a full-fledged participant of a collective political leader in the post-crisis world."
He reiterated that in the next several decades Russia must replace its resource dependent economy with an economy whose growth was provided by innovations and new technologies.
"Russia must become an attractive country where people from around the world would strive to get in search of their personal special dream...These are the goals of our modernisation," he said.
ST.PETERSBURG, June 18 (RIA Novosti)