Economic changes in Russia

Viktor Chernomyrdin
Prime Minister, Russia

It is a great opportunity for us to be presented in the section dedicated to Russia in the Investment Guide to Central and Eastern Europe, from the beginning of 1998. Not only because it is the beginning of a new year, but also because it is the beginning of a new economic cycle into which Russia is entering, the cycle of industrial growth, investment and investors.

After the first and very difficult stage of painful market reforms, which occured between 1992-1997, we are entering a new cycle of economic changes, important for the future of our international cooperation and integration.

We are aiming to achieve positive economic growth, already gained in 1998 and to be maintained towards the end of this century; and to reach an economic growth rate of four to five per cent. We will achieve this by introducing a reformed taxation system; transforming the agricultural sector; reforming the social and military sectors; and also through intensifying control over state enterprises and businesses.The priority of our future strategy is also to continue with the privatisation process, developing the capital markets and banking sectors, and strengthening other important market organisations.

Russia is open for economic partnerships and it is not enough simply to say that we are seeking investment. It is a very important aspect of our economic development and we are very serious about it .

By the end of this century we aim to attract some ten to 15 billion US dollars in foreign investment every year.

We strongly believe that this is only the beginning. Together with our international partners, we will overcome difficulties and move towards mutual benefits.

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