Posted on 06/18/2010 8:21:45 PM PDT by Rennes Templar
Dmitry Medvedev, the Russian president, said Moscow was bidding to help lead efforts to build a new world economic order after the old system collapsed in the global financial crisis.
Opening Russia’s annual economic forum in St Petersburg where hundreds of global chief executives have flocked, Mr Medvedev said the renewed interest in Russia this year was a sign of a changing world in which the institutions of the western-dominated world order had had their day amid thousands of corporate defaults and the threat of sovereign defaults.
EDITOR’S CHOICE Economic woes bring Russia and EU closer - May-30Russia eyes deep end of world trade - May-18In depth: G20 - Jun-04“What had seemed untouchable has collapsed. The bubbles that created the illusion of flourishing economies have burst,” Mr Medvedev said. “For Russia this situation is a challenge and an opportunity. We are living in a unique time. And we should use it to build a modern, flourishing and strong Russia ... which will be a co-founder of the new world economic order and a full participant in the collective political leadership of the post-crisis world.”
Mr Medvedev insisted “Russia has changed” in the past year as it sought to pursue a course of “smart politics” that would leverage its competitive advantages in the raw materials sector, while shifting emphasis towards modernising the economy and focusing on boosting innovation over resources.
Acknowledging that the country still had a great deal to do to meet these aims, Mr Medvedev laid out a series of new initiatives that aim to boost its attractiveness as an investment destination. “Russia needs a real investment boom”, in order to achieve its modernisation goals, he said. To stimulate that, Mr Medvedev announced Moscow would introduce zero taxation on capital gains for companies working on long-term investments starting from January next year and said Russia was improving the legal system to provide better protection for businesses against the long arm of bureaucracy.
He added Russia had already simplified migration procedures to help attract “highly-qualified specialists” working in investment and high-tech sectors into the country.
Responding to criticism that Russia’s approach to building an innovation economy was driven from the top down and state interference could hinder development, Mr Medvedev said the state would concentrate its efforts on fostering a good business climate. “No matter how many state-owned companies we have, modernization will happen, above all, through private business. And only if there is competition,” he said. “The state should not tear down the apples from the tree of economics. What the government should do is help grow our apple orchard, develop our economic environment.”
Mr Medvedev said he was cutting the list of strategic enterprises five fold in order to reduce the role of the state in the economy and foster more private initiatives. Copyright The Financial Times Limited 2010. You may share using our article tools. Please don't cut articles from FT.com and redistribute by email or post to the web.
Listening, Zero?
lol Russian mafia here we come.
All hail “Unity in diversity” So say we all?
New
World
Order.
Our barbarians are STUPID liberals who turn on business and Christians. While their barbarians know whom to woe now, before they strike the US of Zero Libtard Barbaria.
Yeah, zero taxation...but as long as they call the shots right? That’s called fascism. No thanks Medvedev, you know what you can do with your “new world order”.
sfl
There is something creepy about the U.S.S.R. Russia and China promoting the values of capitalism while our government declares it to be a failed experiment. Maybe once we go full-bore communist we can get back to that freedom thing again.
Very creepy! Its almost surreal to think Russia is stimulating its economy with tax cuts while the US languishes mired in debt and more taxes.
As opposed to our system where there is exorbitant taxation and they get to call the shots?
Haven’t we seen this somewhere before? Ah yes but its not “unity in diversity” Its UNITE. A government system called UNITE (United Nations Imperium for Total Emergency) http://en.wikipedia.org/wiki/A_Thief_in_the_Night_%28film%29
bump
Is it UNITE or UNTIE?
:-P
A free market naturally does this without govt intervention.
If the rest of the world is so determined to go to the Devil, let them.
Unrealistic of course but there you are.
Psssssst. Somebody give Medvedev a calendar, point out the year is 2010 not 1960. Like the Arab/Muslim world mired in their heyday of the 7th Century, so does Medvedev still hallucinate, believe the dessicated remnants of the long dead, buried CCCP that is Russia today is the superpower player it once was.
Russia also has a flat tax on income - 11% if I’m not mistaken.
Putin also told the Saudis they cannot build any more moxques (terror centers) in Russia until a Christian church is built in Saudi Arabia.
Sounds like a better alternative “NWO” than the one we’ve been sucked into.
WOW!
OTOH, my business here will incur higher payroll, dividend and an increased costs of goods.
Good point. Either way, a greedy gov’t!
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