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    Medvedev reduces strategic companies fivefold

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    Russian President Dmitry Medvedev signed on Friday a decree reducing the number of strategic companies which enjoy privileged state support

    Russian President Dmitry Medvedev signed on Friday a decree reducing the number of strategic companies which enjoy privileged state support.

    "I reduce the list of strategic companies fivefold," Medvedev told the St. Petersburg International Economic Forum.

    "The number of strategic joint-stock companies will be decreased from 208 to 41, the number of federal enterprises from 230 to 159. I signed a relevant decree today," he added.

    Medvedev said modern economy could not be build by the government orders.

    "No matter how many state-run companies we may have, modernization will be carried out primarily with the help of private businesses," Medvedev said.

    "The government's role, then, is to create a favorable business climate and transparent competitive environment for Russian and foreign businessmen."

    ST. PETERSBURG, June 18 (RIA Novosti)

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