Innovative projects can help improve trade between Russia and UK - Russian Minister of Economic Development

Photo: RIA Novosti

The Russian Minister of Economic Development Alexei Ulyukayev came to London this week to talk about Russia’s economic prospects. He said Russia has to create jobs in modern and efficient industries and invest in new facilities and plants. Mr. Ulyukayev outlined his speech to a room full of business journalists ahead of his lecture at the London School of Economics on Wednesday. VoR’s correspondent Juliet Spare asked Mr. Ulyukayev how trade between Russia and UK can be improved.

"First of all in the way of projects; things like high value-added industries plus SMEs and also infrastructural projects," said Mr. Ulyukaev.

During the lecture Mr Ulyukaev talked about current trends in the Russian economy and the key issues that the country is facing. He said Russia has to create jobs in modern and efficient industries and invest in new facilities and plants.

"Access to land and energy will be simplified, and tax for small and medium-sized enterprises will be reduced from 30 percent to 20 percent. Credit will also be made more available for SMEs."

The minister also told the audience that Russia will try to increase its non-raw material technological exports by 25 percent - meaning exports that are not things like oil and gas.

Mr Ulyukaev said facilitating trade, and working with the 160 members of the World Trade Organisation, was important.

Those who attended the conference noted that Mr. Ulyukae sounded very optimistic about the Russian economy and relations with the European Bank.

Voice of Russia