Putin promises to improve business climate for investors in Russia

Russian President Vladimir Putin said that the authorities will improve the business climate in the country, one of the priorities is the development of the digital economy.

"Of course, to ensure investment growth, to attract capital in the Russian economy, we will continue to improve the business climate, reduce the administrative burden on entrepreneurs, offer investors new, more convenient mechanisms to expand their business," Putin said at the VTB Capital Investment Forum "Russia Calling!".

According to Putin, in the coming years "everything necessary for the rapid growth of the digital economy segment" will be done in Russia. "We will form a regulatory and economic basis for the widespread introduction of digital solutions in the public administration system," the President said, adding that such work has already begun. "We will create fundamentally new industries and business platforms based on digital, stimulate emergence and development of Russian companies - global leaders of the digital era," he emphasized.

Putin called increasing labor productivity, "primarily through introducing modern, more efficient technologies in enterprises of non-primary sectors of the economy" another goal needed to ensure the breakthrough development of Russia. "We will also improve the system of professional education, ensure continuous development of competencies and effective personnel development," the President said.