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.
