Putin calls for 27 percent GDP investment by 2018

June 22nd, 2012 - 6:22 am ICT by IANS  

Moscow, June 22 (IANS/RIA Novosti) Russia should increase investment from its current level of 20 percent of GDP to 27 percent by 2018, President Vladimir Putin has said.

Addressing at the three-day St. Petersburg Economic Forum, Putin said Thursday that Russia was primarily interested in private investment.

“Russia should position itself as an exporter of innovative goods and services. New jobs are created, in the first place, by investment. We need to build up its volume to 27 percent of GDP by 2018. I believe this is an absolutely realistic goal and task.”

Putin also said Russia was going to stick to its previously announced plans to create 25 million jobs by 2020.

“We need to edge out the archaic and ineffective employment in the national economy,” said Putin, adding that Russia should capitalise on its competitive advantages and focus on the country’s stable development.

He also said a new round of privatisation in Russia should prevent the emergence of private instead of state monopolies.

“Without healthy competition, a market economy is no less inclined towards decay than a command and administrative system,” Putin said.

The Russian president said Russia would welcome the participation of large foreign strategic investors in the privatisation of state-run companies.

“These should be serious strategic investors.”

Russia will not curb capital flows, despite the escalation of the eurozone debt crisis and crisis factors in the global economy, he said.

Russia, expected to become a member of the World Trade Organisation this summer after many years of talks, may also join the Organisation for Economic Cooperation and Development in 2014, said Putin.

“I believe this entry may take place already in 2014,” he said.

–IANS/RIA Novosti

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