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Russia Brings Low-Profile Delegation to Davos 2014
January 24, 2014 10:39

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Russian leaders have ignored the 44th Davos Economic Forum that kicked off in Switzerland on January 22. This time, the delegation is chaired by vice-premier Arkady Dvorkovich, a close ally of Dmitry Medvedev.

The Russian team also includes Economic Development Minister Alexey Ulyukayev, senior vice chairman of the Central Bank of Russia, Ksenia Yudayeva, heads of Sberbank and VTB and CEOs of many Russian businesses.
The economic summit is expected to focus on the impact of innovations, prospects for global growth, the role of civil society in the economy and the planet’s fast-growing population.
Experts have recommended Russia to boost the economy through the development of the best-performing regions, including the Republic of Tatarstan, the Kaluga Region, the Rostov Region, the Republic of Mordovia and the Republic of North Ossetia. Ulyanovsk was hailed as the best city for doing business in Russia, says a report quoted by the online news agency
Analysts urged Russia to shift from local and minor changes to broad-ranging and consistent reforms to spur growth.

The efforts in improving business climate have not yielded any significant results and there's been little progress in making the economy more competitive.
Among the areas that need to be addressed more seriously are bureaucracy, corruption, access to loans and reforms in education that would bridge the gap between the employers’ requirements and the set of skills students get at universities.
Last year, analysts sent a stark warning to Russia – either Moscow steps up its reforms agenda or faces falling growth rates.
At Sberbank’s business breakfast held as part of the 2013 Davos Forum, Russian businessmen and foreign investors operating in Russia voiced their discontent with the high level of corruption and poor standards of state governance.   
The result echoed a similar vote during the plenary session, when 77.9 percent of the audience indicated they see Russia’s main problem in state governance and corruption.

Also during last year’s forum, Oleg Deripaska lambasted Russia’s Central Bank, pointing out to restrictions on liquidity, including high interest rates, which makes it extremely difficult for SMEs and big corporations alike to secure financing for new projects to move the economy forward, he added.  

Author: Mikhail Vesely

Tags: Russia economy Arkady Dvorkovich    

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