The economies of emerging market Russia and of the ailing European Union took centre stage Wednesday as government leaders and executives from major companies started their annual World Economic Forum meeting in the Swiss town of Davos.
Russian Prime Minister Dmitry Medvedev called on foreign investors
to do more business in his country, towards achieving his target of 5
per cent economic growth per year.
But he also acknowledged that reforms were needed inside Russia.
Responding to experts' views that the country's middle class is
seeking greater accountability and transparency in politics, Medvedev
said: "We need to engage in systematic and active dialogue with civil
society."
The premier was one of around 50 heads of government and 2,500
leaders who gathered in the resort in the Swiss Alps.
Later on Wednesday, Italian Prime Minister Mario Monti and
International Monetary Fund chief Christine Lagarde were set to
address the conference, with talks expected to touch on the debt and
economic woes of the European Union.
Their talks were scheduled on the same day that British Prime
Minister David Cameron promised in London to hold a referendum on
Britain's EU membership by 2017, while arguing for staying in the
bloc despite rising euroscepticism in the country.
Meanwhile, Axel Weber, head of major Swiss bank UBS warned that
banking rules drawn up in the wake of the global crisis would make it
harder for lenders to act as long-term investors in emerging markets.
"Who will fund investments in infrastructure and emerging
markets?," he asked. "Who's gonna do it?"
