News Column

Putin Says Russian Economy Must Be 'De-offshorized'

Dec 21, 2012
Vladimir Putin

Russian President Vladimir Putin said Thursday the national economy must be "de-offshorized."

"The laws must be stable, efficient, protect owners, and improve the investment climate," Putin said, adding the government had worked out a plan to enhance the investment climate in the country.

It was the second time the Russian leader proposed the "de- offshorization of the economy." In his state-of-the-nation address last week, Putin said the country should develop a modern market economy instead of state capitalism and avoid the offshorization of economy.

Commenting on Russia's accession to the World Trade Organization (WTO), Putin said there are more advantages than disadvantages for Russia, and the government was working to protect the vulnerable industries such as the auto industry and agriculture.

"For a foreign investor, it is very important to know that Russia is a WTO member," he told more than 1,200 reporters during the annual major press conference, the first since his return to the Kremlin.

Russian customs tariffs was less than 10 percent following the WTO accession, while the European level was 2.8 percent, Putin noted, adding Russian tariffs would be cut to 5.9 percent in a couple of years.

He said Russia might protest if Russian exporters faced unfair competition.

Source: Copyright Xinhua News Agency - CEIS 2012

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