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.
Most Popular Stories
- SEO Traffic Lab Celebrate Wins at Digital Marketing Event 'Internet World 2013' in London
- Social Media Initiatives Should Follow Customers' Lead
- Apple CEO: Offshore Units Not a 'Tax Gimmick'
- U.S. Senate Accuses Apple of Large-scale Tax Avoidance
- UTEP Water Recycling Project Wins Venture Titles
- Marketo Makes a Mint in IPO: Stock Shoots Up More than 50 Percent
- Bieber Booed at Billboard Awards
- Crude Oil Up, Gasoline Down
- Austin Startup Compare Metrics Raises $3.5 Million for Expansion
- Why So Many Top 'Car Guys' Are Actually Women