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Putin wants entrepreneurs to look beyond domestic market

Russian companies should reclaim their position on the domestic market and expand beyond it, President Vladimir Putin has told a televised meeting with industry leaders of the Business Russia organization.

According to the head of state, focusing solely on the local market would only lead to self-isolation and loss of competitiveness.

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The country’s authorities will keep working to reduce the administrative burden that local businesses have to face, Putin said. He added that the government had introduced an assessment of the impact of regulations on the work of companies and organizations, cut down the number of inspections, as well as simplifying the reporting and submission of other mandatory information.

The president pledged to keep direct dialogue with the business community to adopt policies that are in line with their interests.

Putin also said Russia was not going to reward those companies that have left the country. New regulations oblige foreign firms to sell their assets in the country at a 50% discount, and make a mandatory contribution to the Russian budget equal to at least 10% of half the market value of its local assets.

“We are not going to reward them with any excess capital,” he said, adding that Russia would behave much more civilized than those nations that apply restrictive measures. “Naturally, we must and will protect our interests.”

For more stories on economy & finance visit RT’s business section

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