IN A 2017 ARTICLE IN GQ, JOURNALIST MATT TAIBBI WAS CALLED UPON TO DUMP RUBBISH ON VLADIMIR PUTIN. HE DID IT WITH BRILLIANCE... AND MY GUESS IS THAT HIS SHOES ARE NOW ON THE WRONG FOOT AS HE WAS ASKED TO INVESTIGATE HOW TWITTER HAD BEEN "MANAGED" BY THER FBI. MY PERSONAL VIEW ON THIS COULD BE WRONG, BUT I FEEL THAT ELON MUSK KNEW OF TAIBBI'S FORAY ONTO FREEDOM OF JOURNALISTS IN RUSSIA — AND IN GENERAL....

THE GQ ARTICLE IS OBVIOUSLY SLANTED TOWARDS THE WESTERN PROPAGANDA WITH FAKE ALLEGATIONS, AND AGAINST RUSSIA. AT THE TIME, FOR A LITTLE GUY LIKE PUTIN, FOLLOWING THE FOOTSTEPS OF WESTRN MANAGED YELTSIN WOULD HAVE BEEN A HARD YAKKA WITH A "FREE" RUSSIAN MEDIA THAT WAS HELL-BENT IN SUPPORTING THE CORRUPT AMERICAN EMPIRE WHICH WAS THEN PLUNDERING RUSSIAN RESOURCES AND SOULS.

PUTIN KNEW HOW TO DEAL WITH THIS TO A POINT.

“Anybody can be gotten,” says Taibbi, “that’s one of the most prescient lessons of the Putin era.” The list of critics, both within and without the media, is lengthy: Boris Nemtsov, a liberal politician, spoke out vehemently against Putin’s profiteering in the lead-up to the Sochi Olympics and was gunned down while he took a late night stroll in the literal shadow of the Kremlin. Tax lawyer Sergei Magnitsky reported on widespread tax fraud in the government to the authorities, whereupon he was arrested and detained in the infamously overcrowded Butyrka prison. (Magnitsky developed gallstones, pancreatitis and later died after receiving inadequate medical care.) Taibbi rattles off names, writers, journalists, friends who were physically intimidated, followed, sabotaged.

When Trump calls BuzzFeed a “flaming pile of garbage,” at least for now, he is all bark, no bite. The dossier goes viral, Trump’s response to the dossier goes viral, watch-dogs and pundits bark at each other in unison. Reporters in Russia needn’t fear for their Twitter mentions, but may be justifiably leery of elevator banks, flight attendants, and late night strolls. When it comes to the Russian press, Vladimir Putin moves like a wolf: all bite, no bark.

SEE MORE: https://www.gq.com/story/journalism-in-vladimir-putins-russia

YES, BUZZFEED IS NOW A FLAMING PILE OF GARBAGE AND THE PSEUDO-DICTATOR, BIDEN-THE-TELEPROMPTER-GUY, IS FRAMING HIS COMPETITOR. IT HAS ALSO BEEN REPORTED BY BILD (GERMAN MAGAZINE) THAT MAGNITSKY AND HIS HANDLER, BILL BROWDER, WERE MORE CORRUPT THAN CORRUPTION... SO FAR NO-ONE HAS BEEN ABLE TO PROVE THAT PUTIN MADE ANY MONEY FROM THE SOCHI GAMES. MEANWHILE WE KNOW THAT RUSSIAGATE AND ITS STEELE DOSSIER WERE GARBAGE INVENTED BY THE CROOKED HILLARY'S CAMPAIGN... AND TAIBBI KNOWS IT......

SURE, NOT EVEN JESUS CHRIST VLADIMIR IS PERFECT....

MEANWHILE THE AMERICAN EMPIRE IS BLEEDING..... READ FROM TOP.

FREE JULIAN ASSANGE NOW//////////////////

PEPE ESCOBAR EXPLAINS THE NITTY-GRITY OF CREATING A NEW BUSINESS/EXCHANGE ZONE....

The St. Petersburg International Economic Forum is not only the premier platform for discussing everything that matters in business and geoeconomics concerning Russia and the wider Eurasia. 

It’s a privileged space where trends of the past, present and future are explored in detail: a microcosm of multipolarity at work.

The business program is usually an intellectual feast. It’s impossible to convey its breadth and reach in only a few lines, not to mention the exhilarating atmosphere of jumping from room to room in search of the perfect expose.

What follows could be regarded as a sort of incomplete Greatest Hits of the Thursday, June 15 sessions – packing enough punch to drive multipolarity-heavy debates for weeks if not months ahead.

The heavyweight-laden panel How The Russian Economy Will Develop featured Governor of the Russian Central Bank Elvira Nabiullina, Minister of Finance Anton Siluanov and top Putin aide Maksim Oreshkin.

The unflappable Nabiullina stressed now “inter-operability” will help “the Russian paying system to be integrated in the global system”. She remains in favor of “selected privatization”, keeping “confidence in capital markets”, and low inflation.

Siluanov was keen on the “need to change the paradigm”; the importance of the State creating demand; and the need to reduce subsidies. Macro-stability is important – “but we should not overdo it.” Oreshkin agrees: the government should get rid of assets “it does not really need”.

A De-Dollarization panel debated the plausibility of transitioning from the US dollar towards a “fundamentally new supranational currency, overseen by a broad consortium of states operating on principles of partnership”. That’s essentially what’s being discussed at the heart of both the Eurasia Economic Union (EAEU) and BRICS.

The future of Russia was at the center of the Horizon 2040 debate. Andrey Bezrukov, president of the Technological Sovereignty Exports Association and a professor at MGIMO, stressed how in 2024 Russia holds the chairmanship of BRICS: it’s time, right now, to “turn it not only into an alliance of equal partners but also a financial, technological and economic force.”

Alexander Dugin engaged in a stunning presentation, explaining paths towards development in parallel to how Russians should understand identity.

That led to an inevitable critique of ethnocentrism: “The West chooses itself as the only subject. It holds a system of values deemed to be universal – that everybody else must follow.” That’s “the West as the whole of humankind”, coupled with a drive to “de-subjectify the rest. The global subjectivity of the West is built in”. Dugin described it as “a virus”, developed “over centuries.”

Integration in the Global West, according to Dugin, “leaves Russia without a future.” Rather, Russia should declare the West to be “one force among several. Not an existential threat.” Russia can “proclaim itself as a sovereign state. Exercise a “mental de-colonization of society.” That’s how a “civilization-state that defines its own goals” should act.

Showing a diagram in three steps, “between red and lilac”, Dugin illustrated how Russia can perform the transition from “understanding itself in the Western world” towards “sovereign development.”

All about SCO, EAEU, ASEAN, INSTC, BRICS

Zhang Ming, the SCO-secretary general, and Bakhtiyer Khakimov, Putin’s special representative at the SCO, were particularly helpful in a panel that came with a game-changer: just like the BRICS, with its New Development Bank (NDB), the SCO is also working to create a development bank, integrated into an “open world economy” against sanctions.

The SCO secretariat in Tashkent already works as a forum for local and Central Asian governments. This is a true multilateral organization whose members are already responsible for no less than 2/3 of global trade cargo turnover.

Sergey Pavlov, First Deputy Managing Director of Russian Railways, made a key connection: SCO-INSTC. The potential of the International North South Transportation Corridor, he said, is “unbelievable”. He reminded everyone of Russia recently signing an agreement to build the “missing part of INSTC in Iran.” And he stressed how the strategic Kazakh-China border at the Khorgos dry port is ready for an export boom.

A much awaited BRICS discussion examined how different mechanisms may improve socio-economic sustainability. Enormous potential is to be explored by the African Continental Free Trade Area: 1.3 billion people, overwhelmingly young.

Alexander Isaev, an expert from the Directorate of International Transport Corridors, stressed the importance of “good quality logistic chains”. As foreign trade is fundamentally based on sea transportation, BRICS and future BRICS+ members will need to do their homework on “port infrastructure and road improvements”. Not to mention curtail red tape: “Companies spend 50% of total time in transit shipment. We need to speed up the process of crossing borders.”

A key question was posed: when there will be a “Made in BRICS”? Not before the “harmonizing of technical regulations”, as it’s already happening with “several groups” working between China and Russia.

An immensely important round table focused on the INSTC, with representatives from Iran, Pakistan and Azerbaijan as well as Evgenii Moskvichev, chairman of a Duma committee and one of the world’s leading transportation experts. The Iranian Minister of Transport, Mehrdad Bazrpash, was keen to stress that Iran carries “an enormous logistical potential.”

ASEAN featured in a crucial panel  celebrating the 5th anniversary of a memorandum of understanding with the EAEU on economic cooperation as well as the Russia-ASEAN strategic partnership.

This Eurasia-Southeast Asia interlink carries immense potential in transportation, logistics, digital economy and of course payment systems bypassing the US dollar.

The indispensable Sergey Glazyev, the Eurasia Economic Commission’s Minister of Integration and Macroeconomics, had to be part of the discussion. Evgeny Zaganyov, Russia’s representative at ASEAN (they have a Jakarta office), stressed how the time is now to “set up ASEAN as a hub of global growth”; work towards a “joint tax environment”; and invest in transport connectivity.

All that within the crucial framework of “mutual settlements in local currencies”. The Philippines, meanwhile, is keen to bill itself as the ideal gateway for the EAEU to reach ASEAN.

Dis-integration?

The traditional Valdai Club discussion tried to concisely identify the new world already in its title: “The New World Economy: Not Global, but Interconnected”.

Russia’s First Deputy Prime Minister Andrey Belousov came up with a necessary short recap, pointing how the “great globalization beneficiary in the 1990s was China, which doubled its GDP.” But then, “by the second half of the 2000s the Americans started to dismantle the standards.” Protectionism became the norm.

Belousov does not “believe the WTO will come back to life.” He prefers to focus on the “new countries” who will be key players in the new world order: Brazil, India, Indonesia, Mexico.

He sees three possible scenarios ahead: a new “Pax Americana based on digital technology, protectionist, a closed Western club”, with the use of force basically regimented against China; a “regionalization around centers of development”, such as China, India and Vietnam; or “controlled chaos”, submitted to the food crisis and the water resources crisis.

Gong Jiong, from the University of International Business and Economics (UIBE), focused on what he defined as “The Great Re-Orientation”. China of course is at the center: its biggest trade partner is in fact ASEAN. In parallel, China trade with Russia increased 40% last year and it may reach “way more than $200 billion by the end of 2023”, with no less than 70% - and counting - settled in yuan and ruble. The Russian Central Bank already holds 40% of its reserves in yuan. Welcome to the multipolar currency world.

Eldor Aripov, from Uzbekistan, offered a precious Central Asian perspective. The cost of food imports is “considerable”; in many cases “trucks from Europe take 2 and ½ months to reach Uzbekistan – with transportation costs doubled.”

Still, Tashkent expects a hefty 5,5% growth this year. The least one can say is that the “Eurasian Balkans” prediction (by the late Zbig Brzezinski) collapsed. Uzbekistan is now focused on – what else – transportation corridors; via Afghanistan to South Asia, as well as the Chinese project of a China-Kyrgyzstan-Uzbekistan railway.

Belousov for his part noted that Russia is able to use no less than four basic corridors. Two are operational: the Eastern Corridor, developed for coal and now being restructured for fertilizers, and the Southern Corridor, via the Black Sea to Turkey.

The two developing corridors are the North Sea Route – shorter and faster by two weeks compared to Suez – and the three branches of the INSTC: East, to Kazakhstan and Turkmenistan via Iran; the Trans-Caspian – with Astrakhan as the main port via Iran to the south; and the

Western corridor – also an alternative transit to Suez.

Not surprisingly to make it all work, like clockwork, requires “a lot of investment and political stability.”

Benedict Weerasena, from the Bait al-Amanah think tank in Malaysia, introduced a youthful, cheerful, optimistic element to the proceedings, stressing how ASEAN’s GDP per capita, congregating 690 million people, is “way higher than the global average”. He waxed lyrical over the rise of the ASEAN Monetary Fund (AMF), stressing how “regional bodies need to fight the supremacy of the IMF. AMF is not just a dream.”

Arvind Gupta, from India, engaged in a sharp critique of the weaponization of technology and financial systems, as well as the weaponization of supply chains “being forced into nations. He came up with a neat formulation: “The current system promotes either technology for profit or for surveillance.” India tries to “promote technology for good, for development.”

So that was only a sample of a full day of discussions at the forum. Nothing remotely similar, and digging so deep, takes place anywhere across the collective West. Welcome to St. Petersburg as a true capital of the emerging multipolar world.

READ MORE:

https://sputnikglobe.com/20230616/pepe-escobar-russias-new-roadmap-for-multipolar-world-1111204612.html

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NOTE THAT THIS IS ALL HAPPENING WHILE ZELENSKY THE CLOWN-IDIOT OF THE WEST IS HITTING THE BRICKWALL OVER AND OVER WITH THE INTENT TO DESTROY RUSSIA ON BEHALF OF THE USELESS US ELITE.

NONE OF THIS WOULD HAVE BEEN POSSIBLE WITHOUT THE LEADERSHIP OF VLADIMIR PUTIN....

STRELNA, Russia (Sputnik) - Russian President Vladimir Putin presented the African delegation with the draft of the Istanbul agreement on the Ukraine settlement, which, as the Russian president said, specifies everything from the number of armed forces to units of military equipment and personnel.

"Here it is! It exists!" Putin said, showing the document signed by a Ukrainian representative. "And it is called accordingly - the treaty on permanent neutrality and security guarantees for Ukraine. Exactly about guarantees. Eighteen articles," the Russian leader noted.

"Moreover, there is also an annex to it. They [clauses] also concern the armed forces, other things. Everything is specified - down to the units of combat equipment and personnel of the armed forces. The document is here!" Putin said, adding that the document had been initialed and signed by the Ukrainian delegation.

"But after we withdrew the troops from Kiev, as we promised, the Kiev authorities, as their masters usually do, threw it all into the dustbin of history. Let's put it clearly. I'll try to put it intelligently. They gave it up," he added.

The president also addressed the root of the crisis, reminding his audience that the violence engulfed Ukraine after the bloody 2014 coup, which was backed by the US and the EU.

"All the problems in Ukraine began after the state, unconstitutional, armed and bloody coup in 2014. And this coup was supported by Western sponsors. They, as a matter of fact, do not hesitate to talk about it," he stressed.

Earlier on Saturday, Putin personally received and greeted the African delegates at the Konstantinovsky Palace to discuss the joint African peace initiative on Ukraine. South African President Cyril Ramaphosa revealed a ten-point plan for peaceful settlement.

One of the points relates to the fact that all sides in the conflict are entitled to security guarantees. The fourth point refers to the fact that the authors of the plan recognize the sovereignty of all sides of the conflict. The sixth point refers to the "free movement of grain across the Black Sea" so that there would be no obstacles to it.

"The third point is that we would like to see de-escalation of the conflict. De-escalation on both sides. Because escalation is not conducive to peace negotiations. So we would be interested in de-escalation of the conflict so that we can find a way to peace."

Putin also underlined the issue of the grain deal, noting that about 31.7 million tonnes of agricultural products were exported from Ukrainian ports - while only 3% of this volume was sent to needy African countries, so the United States has "deceived the international community,"

"Once again, these neo-colonial European, and in fact American, authorities have deceived the international community and needy African countries: 31.7 million tonnes were exported, and only three percent went to needy African countries. Isn't that a lie? Accustomed to lying to the world for centuries and continue to do so today," Putin said at a meeting with the African delegation at the Konstantinovsky Palace near St. Petersburg.

Putin also said that 38.9%, or 13.3 million tonnes, went to EU countries.

The grain deal was brokered by the United Nations and Turkey in July 2022 to facilitate the export of agricultural products from Ukrainian ports in the Black Sea during hostilities. The package agreement also included a memorandum of understanding between Russia and the United Nations to unblock Russian grain and fertilizer exports via the Black Sea.

While Russia kept its part of the bargain, the other side struggled to allow Russian exports, undermining the accord, so Moscow announced recently that the deal is likely not to be extended, since it has "no chances".

READ MORE;

https://sputnikglobe.com/20230617/putin-kiev-threw-possible-russia-ukraine-settlement-deal-into-dustbin-of-history-1111251774.html

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В сессии также участвовал Президент Алжирской Народной Демократической Республики Абдельмаджид Теббун.

Модератор дискуссии – политолог, историк, ведущий Первого канала Дмитрий Саймс.

Петербургский международный экономический форум проводится ежегодно начиная с 1997 года. За это время он завоевал статус ведущей мировой площадки для обсуждения ключевых вопросов глобальной экономики.

В 2023 году ПМЭФ проходит под девизом «Суверенное развитие – основа справедливого мира. Объединим усилия во имя будущих поколений».

Dear friends, dear Mr. President! Ladies and gentlemen !

First of all, I would like to welcome our guest, the President of the Republic of Algeria, [and thank him] for taking the time to participate in our event today. Mr President, thank you very much.

Mr President, I would also like to address our other guests, our foreign guests: I will of course mainly talk about the development of Russia and our projects in various fields, but I assume that you will also find this interesting, because many of you are already working in our country or are going to do so. I hope you will be interested in our assessment of where we are and what we will be doing in the near future to determine whether it is worth doing business with us.

I hope Mr. President will also be interested. I apologize if, at times, these remarks are addressed only to the Russian public. Nevertheless, I think what we are doing today in our economy can also be applied in other countries. And this will only enhance the possibilities of our cooperation.

Once again, I welcome all participants and guests to the 26th St. Petersburg International Economic Forum.

Speaking from this rostrum last year, I set out my vision of the challenges facing Russia, and virtually the entire world, and detailed the actions we are taking to ensure the confident, long-term development term and sovereign of the country.

Let me remind you that the second quarter of last year was the most difficult for our economy, for domestic enterprises, as the circumstances, the usual order of exchanges, regulations and logistics changed rapidly, and that the whole fabric of corporate life was in fact being reshaped.

Today, dear colleagues, ladies and gentlemen, dear friends, we can say with confidence that the strategy chosen at the time by the state and business in Russia has worked. Positive macroeconomic trends are gaining momentum and strength.

In April this year, the gross domestic product grew by 3,3% year-on-year and it will increase by more than one percent by the end of the year. In any case, that is what the IMF thinks – 0,7%. But, in my opinion, I agree with those of our experts who believe that growth will be greater, up to 1,5% and perhaps even 2%. This will allow our country to maintain its place among the world's leading economies.

April was marked by growth in industry and retail trade. Manufacturing production from January to April was 2,9% above the level of the previous year. It should be remembered that this sector has been hardest hit by the breakdown of relations and chains of cooperation.

What allowed us to obtain the results that I have just mentioned? After all, a year ago the mood, including in our business circles, was very, very suspicious. And, frankly, few people had foreseen the turn of events that would take. In such circumstances, it was crucial to give a boost to business, to strengthen confidence in the policy pursued, to underline the inviolability of the fundamental institutions of the market, the freedom of enterprise and the guarantees of the protection of property .

That is why, when I spoke at last year's forum, I articulated our values-based approaches to economic development in the new and long-term conditions. I would like to say that everything I said last year (and you and I understand that what I said was the result of our collective work - the government, the administration and the economic bloc of government), everything I said, and everything we prepared and then implemented in our concrete work, worked.

And here's why. What are we talking about?

First, we maintained a responsible and balanced fiscal and monetary policy. Their effective combination has made it possible to minimize unemployment and inflation, which today is lower in Russia than in many Western countries, both in the euro zone and in other regions, and which is close to a historically low level of 2,9%. The unemployment rate is 3,3%, it has never been so low in our history.

What is important is that this stable macroeconomic situation has become our competitive advantage, an effective development factor. I must say that in the national political debate in previous years, we heard a lot of accusations against the government and the leaders of the country: why are we clinging to these macroeconomic indicators, we have to be bolder here and there. Practice has shown that we have not achieved this macroeconomic stability for nothing.

By using budgetary mechanisms and monetary instruments, we have supported demand in the economy and therefore provided work for businesses and societies, while preventing price volatility.

We will continue to shape our macroeconomic policy according to the real situation and the inflation target, as we did last year or during the pandemic, when demand fell in the economy and we increased the budget deficit to 3,8% of GDP to support it. But the following year, in 2021, the budget was already in surplus – a small surplus, but still representing 0,4% of GDP.

I would like to emphasize that today our public finances are globally balanced. The federal budget is currently running a slight deficit, but much of that is due to the postponement of planned spending, or as we say, slippage from schedule. We have taken this step knowingly in order to accelerate the pace of implementation of national and regional programmes.

Naturally, additional funds were also needed to strengthen defense and security and to buy weapons: we are obliged to do this to protect the sovereignty of our country. I must say that, on the whole, it also makes sense, also from an economic point of view.

The dynamics of non-oil and gas revenues are remarkable. From January to May, they increased by 9,1%, which is significantly higher than forecast. At the same time, the rate in May was over 28,5%.

Once again, I would like to stress that we are talking about budgetary revenues that are not linked to oil and gas exports, and that this is an important indicator of the development and growth of the real sector of our economy, its manufacturing companies, the manufacturing sector, the trade and service sector. The Russian part of our audience probably remembers and knows that we have always said: when are we going to get out of dependence on oil and gas? Well, this trend is gradually gaining momentum, although I will also say, about oil and gas, there are issues that we have to pay attention to.

Secondly. The State's budgetary capacity allows it to stay the course on social solidarity and the reduction of poverty and inequality. This orientation was an important factor in successfully overcoming the challenges of the past year.

We target our aid to the poorest people. And if you look at this category of people, their income – well, their income has increased by about 30% over the year. In 2022, 1,7 million people fell above the poverty line, and the poverty rate was below double digits – 9,8%.

Of course, every percent makes the difference, that's obvious. And even the positive trends I mentioned may not mean much in practical terms, especially for people who have just crossed that line – their incomes are still too low, but I'll say more about that. But the main thing is the trend, and this trend, of course, we will have to support and maintain.

We are indexing pensions and social benefits, benefits, and we are increasing the minimum wage and living wage at a rate faster than the rise in prices. As a result, in the fourth quarter of last year, citizens' real disposable income started to grow again, thank goodness. Admittedly, it is still modest, but it is a trend. This year, the trend is expected to intensify. In any case, I'm counting on it.

Obviously, this also supports demand and therefore domestic production and services, in particular businesses in the regions, at the local level, which has a positive impact on regional finances, on regional budgets.

Our third principle, which I spoke of a year ago, is to emphasize the development of private initiative. Last year, we were predicted that, under the pressure of sanctions, Russia would revert to a closed, administrative command economy. But, as you know, we chose to extend entrepreneurial freedom, and practice has shown us that we made the right choice. Life has proven it.

The replacement of multinationals that had left the Russian market was a significant development and a powerful stimulus for our companies. Unfortunately, they could not resist the powerful pressure of foreign political elites.

You know this very well: we have not excluded anyone from our market, from our economy, on the contrary, we have proposed to weigh the pros and cons, to think carefully about our Russian partners and the possible consequences of such a decision . Each of our partners had the right to choose.

What is important here? Many foreign brands have long sold products entirely manufactured in our facilities. These are actually Russian products, but with foreign logos.

Their production will therefore not stop when the owners of the brand leave – only the logo will change. The profits of this activity remain in our country. We will work with the new Russian owners and help them provide income to the employees of their businesses, as well as related parties and contractors.

In short, if in the beginning our entrepreneurs were very worried about the departure of Western companies, today they occupy production facilities and vacant sites in shopping centers. Some small, so-called niche brands that used to sell clothes, shoes and other products through social media are now opening their own stores.

I already talked about this at an event in Moscow: in this sector of the economy, foreigners have largely left, freeing up to two million square meters of commercial space and a niche worth two thousand billion rubles. That's great: almost everything is already occupied by our contractors.

Last year alone, Russian manufacturers filed over 90 trademark applications. Besides clothes and shoes, it is mainly software, household chemicals, perfumes, cosmetics, etc.

I don't think it's a secret that when I talk to domestic businessmen, more and more of them are asking not to let “wandering” foreign companies back. You know, it's the same thing that happened in agriculture after 2014, when our national agricultural companies started to gain momentum, and in all the meetings with the farmers, the same question came up : should we let our competitors come back or not? To the question: when should we let them come back? [Answer:] Never, don't let them in at all, we'll do anything. I must honestly say that our agricultural producers are doing well. Agricultural production increased by more than 10% last year. And for all basic products in this sector, we cover our own needs and work actively on export.

Nevertheless, I would say that if foreign producers want to come back, come to our market – and we hear this more and more often – we are not closing the door to anyone. Of course, no one is afraid of competition, because we know that it is the engine of progress and trade. We will create the necessary conditions for them to work in Russia as well.

But we will certainly take into account the behavior of some of these partners in the future and, of course, we will always put the interests of our national companies first. Moreover, those who stayed with us, who work and who will work for foreign companies, we also consider them as national producers and we will treat them in the same way as ours.

For all of these companies, the Agency for Strategic Initiatives has launched a special annual competition to reward the fastest growing Russian brands. The results of the first competition will be announced shortly, at the end of June. Its program covers more than ten categories. Over five thousand applications from across the country have already been accepted.

I am sure that winning this competition and participating in it will be a good challenge and support for our entrepreneurs to strengthen their market position and increase investment in new capacities and new jobs. That's why I urge regional leaders to provide assistance to developing brands – they particularly need such support at the regional level at this time.

I would like to point out that last year, investments in fixed assets of Russian companies increased in real terms. The same picture can be observed in January-March of this year, and this, I would like to emphasize, taking into account the high base of last year, when, at the same time, investments showed growth rates two digits.

National banks maintained strong investment activity. Their capital base has been tested. In comparison, loans to legal entities increased by 14,3% in 2022 and by 9,5% for households.

In April of this year, the growth rate of loans to “legal entities”, as they say in professional circles, to legal persons, was already 17,1%, and that of loans to “individuals”, it is i.e. natural persons, was 12,9% higher. This is still a good performance. On the other hand, mortgages are also growing at a faster rate – more than 18%.

An important factor in the growth of investment has been the removal of digital constraints, the rapid development of transport, logistics network and other infrastructure. This is our fourth principle, confirmed and presented last year as a principle.

The systematic and consistent policy pursued in this area is bearing fruit. The volume of construction work has increased for five consecutive years, and last year was no exception. On the contrary, this dynamic is accentuated and continues. Construction increased by 5,2% in 2022. Between January and April of this year, it increased by more than 7%, or 7,4%.

We will continue to build and modernize infrastructure: roads, railways, bridges and viaducts. We will continue to remove bottlenecks – of course we have a lot of them, increasing the capacity of seaports will be the focus of our attention, as well as border crossing points.

We will pay particular attention to the north-south corridor. By 2025, we plan to double and by 2030 triple the volume of exports on this route. In May, as many know, we signed an agreement with our Iranian partners to build a missing railway section on Iranian territory. We are also dredging the Volga-Caspian Canal: this year it will be able to accommodate ships with a draft of 4,5 meters.

As for the eastern direction, its export cargo traffic is expected to increase by a third by 2025 and by 2030 to add 100 million tons from the 2022 level.

The key measure is of course to increase the transport capacity of the Baikal – Amur line and the Trans-Siberian railway. From this year, it should increase by 15 million tonnes, to reach 173 million tonnes.

I would like to take this opportunity to mention the successful work of the Russian government and railways, which were able to rapidly increase container traffic from the Far East. They have succeeded in eliminating congestion and reducing congestion in terminals in the Far East and, in general, in facilitating the delivery of goods and components from Asian countries.

I would like to add that over the next five years we will be substantially renewing the merchant fleet. The Ministry of Industry and Commerce has already modified the large-scale shipbuilding program. To implement it, we will draw on the national provident fund. I would like to emphasize that only under this program at least 260 ships will be built in Russian shipyards between 2023 and 2027.

In addition, we will continue to strengthen the icebreaker fleet. These ships are needed for the Northern Sea Route, which is actively developing. Last year, 34 million tonnes of goods passed through it. We expect that by next year, in 2024, the volume of such shipments will be greatly multiplied, which requires an equally significant development of railway and other infrastructure of the Murmansk transport platform and other ports of the arctic.

In this regard, I would like to highlight the work we are doing to develop regional infrastructure in an integrated way and to increase the connectivity of our territories.

Last year, we repaired over 20 kilometers of regional roads and built and rebuilt 000 kilometers. All these figures, dear colleagues, dear friends, are record numbers, record volumes, and I would like to thank our builders, engineers, designers and workers for their responsible and productive work. I hope that this year, we will not only maintain this level, but that we will increase it even further. We have everything we need for this, everything has been done. I hope everything will go as planned.

Modern communication and telecommunication lines are being developed. Last year, more than 3 kilometers were built. The plan for this year is over 000 kilometres, three times that.

Let me remind you of the task at hand: by 2030, we must provide high-quality communications and internet access to all localities in the country with a population between 100 and 500 people.

I would like to emphasize that we are not just talking about improving people's quality of life: the development of regional infrastructure creates new business opportunities, including in the tourism industry.

Besides, last year, domestic tourism, the flow of domestic tourists increased significantly. According to Rosstat, the number of Russian tourists in collective accommodation structures increased by 16,7% in 2022, which represents almost ten million people in absolute terms.

We need to more dynamically develop quality leisure infrastructure in our country, and the focus is not on current figures, but on the fact that tourist traffic will continue to grow.

In this regard, I suggest extending the concessional loan program for hotel projects and emphasizing support for the most demanded segment, namely three or four stars, as you know.

I also believe that it is essential to include in this program the construction of amusement parks, water parks and ski resorts open all year round. I know that companies are planning or already implementing such projects in Crimea, the Far East, Siberia, the Caucasus, southern and central Russia. We will not fail to support these projects.

One more thing. Today, outdoor recreation in modular, unbuilt hotels and cottages, called “glamping sites”, is actively developing. Last year, we allocated 4,2 billion rubles to support the construction of modular hotels, covering 174 projects in 20 regions. However, as life shows, the demand is far greater. Moreover, the investment projects have been worked out, there are lands and the lines of infrastructure are in place.

I propose to allocate an additional eleven billion rubles over the next two years to support the construction of modular hotels. This will make it possible to implement 470 other projects of this type, i.e. nearly 9 rooms. This means that more people will be able to get closer to the unique nature and the historical and cultural heritage of our country.

The development of Russia's transport corridors and logistics capabilities enables our companies to strengthen foreign trade and cooperation ties, primarily with countries of the Eurasian Economic Community, Asia, the Middle East and Africa , as well as Latin America.

Opening the economy is certainly our fifth most important principle. Despite all the difficulties encountered over the past year, we have not taken the path of isolation. On the contrary, we have expanded our contacts with reliable and responsible partners in the countries and regions that are today the engines of the world economy. And I want to repeat it: these are the markets of the future. Everyone understood it well.

With some of these countries, whose leaders do not often succumb to crude external pressures but are guided not by the interests of others but by their own national interests, the volume of our mutual trade has increased not by a few tens of percent , but several times, and continues to grow.

This is further proof that common sense, business energy and the objective laws of the market are more effective than the current political situation. This shows that the ugly international system, neocolonial in nature, has ceased to exist and that the multipolar world order is on the contrary becoming stronger. It is an inevitable process.

Overall, our merchandise exports last year broke the record of ten years ago, amounting to $592 billion. Nearly a third of that amount – $188 billion – came from non-energy exports. Behind this figure are 6,4 million jobs and 2,2 trillion rubles in taxes paid into the country's consolidated budget.

I would like to point out that the agro-industrial sector, which I mentioned at the very beginning, reached a new record of more than 41 billion dollars.

For the past ten years, Russia has consistently been among the top five grain exporters. Since 2016, it has been the world's largest supplier of wheat – number one in global markets. There is every reason to believe that this year, our companies will take a new step: they will renew and update the export record for this crop. At the same time, Russia will actively participate in global food security and help countries, including African countries, which suffer from food shortages.

Overall, from January to April, our trade balance was in surplus by $22,6 billion. For the January-April period, it is a little more than for the first quarter. At the same time, for the whole of 2022, the current account surplus amounted to $233 billion.

What I want to emphasize. This resource should contribute more actively to the development of the Russian economy, including the import of advanced equipment, technologies, components and materials.

I call on the government and the Bank of Russia to submit concrete proposals on how to use funds from high exports to stimulate investment, to increase investment in major, systemically important projects, in infrastructure, logistics, territorial development and so on – projects that will increase the capacity of national companies in the broadest spectrum, increasing their competitiveness, including in world markets.

Of course, Russia doesn't just have partners and friends in these markets – there are also adversaries, to put it bluntly. They are used to making huge profits from their domination and monopoly, including politics, and just don't want the rest of the world to have an alternative to their planes, ships, medicines, banking systems, technologies and the like. goods and services.

But these market players don't want competition, that's why they are stepping in the door, trying to stifle the new centers of development, as they say now, trying to eliminate them. However, these attempts only cause Western countries to nullify their own commercial reputation, and this is costly. I think some actors forget that sometimes.

Russia, on the other hand, has been and will be involved in the global economy. We have already drastically simplified foreign trade regulations, reduced fines for violation of currency laws by several times and, I draw your attention, we have completely abolished them for unfriendly external actions. Moreover, this moratorium will be extended next year, in 2024.

What else ? At a recent meeting with representatives of the association of state-owned enterprises Business Russia, colleagues directly raised the issue of amnesty in the monetary sphere. Quite frankly, we don't often take that kind of approach. But today, as breaches of obligations by Western counterparties have become common practice, I believe it is the right thing for companies to do on such a sensitive issue, namely to offer amnesty for companies on forced currency violations committed during the moratorium period. And to close this question completely, so that there is no reason to hold companies responsible, as they say, retroactively.

Then we introduced an accelerated VAT refund for exports – eight days instead of three months. Together with our foreign partners, we are preparing new mechanisms for cross-border settlements, including making it extremely easy for foreign companies to open a bank account in Russia. In this case, it is not even necessary to be present in person, of course, provided you comply with all the requirements of the so-called anti-money laundering legislation.

I would also like to highlight the notable progress in the use of national currencies in foreign trade – this is another big topic. Today, about 90% of our transactions with Eurasian Economic Union countries are in rubles, and more than 80% of our transactions with China are in rubles and renminbi.

We are actively developing domestic currency trade with other states as well. Our priority goes to our immediate neighbours, as well as to the BRICS and SCO countries.

In short, we have a set of instruments to support external economic activity in all sectors: industry, agriculture and other sectors. The work of these instruments is designed for the long term, and we will extend it until 2030.

At the same time, it is necessary to constantly develop tools, improve export support tools and make them more convenient for businesses. Of course, it is now actively attacking welcoming but still new markets, which have their own specificities. It goes without saying that the State must take this into account and will continue to do so.

Among other things, concrete solutions are needed to develop export insurance and the use of factoring, which will also support our producers and suppliers and provide additional guarantees for their transactions with foreign buyers.

And, of course, it is necessary to promote domestic products with the help of e-commerce sites. Their audience and customer base are constantly growing, both in our country and around the world, which means that even a small business can find a customer. We have our work cut out for us: we are not the leaders, but we are not behind either. But the prospects are very good, very good.

I call on the government to launch a series of e-commerce support tools as soon as possible and continuously assess their effectiveness, especially for small and medium-sized enterprises, in order to work with business associations to improve it. .

I would add that we have examples of our own successful e-marketplaces. We need to help them penetrate big markets, such as China and India, as well as the markets of our neighbours, such as Turkey and other countries. The benefits are mutual: our products will become more accessible to foreign markets and Russian buyers will benefit from a greater choice of goods and services.

Dear friends and colleagues!

In the face of unprecedented challenges, Russia has not given up on its principles of economic development – ​​I started there. Thanks to the joint efforts of entrepreneurs – large, medium and small enterprises – and the active participation of the authorities, we have maintained the stability of our economy. Today, it is absolutely obvious, what is called a proven fact.

Our position as a major player in the global market has also been maintained. We have ensured the stable operation of entire sections of the real sector, cooperatives, numerous enterprises, etc. and contributed to the well-being of millions of Russian families.

The essential, strategic and systemic task, now and in the future, is not simply to compensate for the fall in GDP or to replace the foreign companies that have spared us their presence in our market, and certainly not to wait for the fluctuations supposedly temporary effects of the global economy.

I have said it before, dear friends, and I would like to repeat it once again: the changes in the world, in all areas, are radical, profound and irreversible – that is what is important. Under these conditions, all that remains is for us to move forward, which means that we need a proactive economic policy that can be built and implemented in close collaboration with representatives of the business world – our contractors.

It is essentially a transition to a qualitatively new level of development – ​​a sovereign economy that not only reacts to market conditions and responds to demand, but shapes that demand itself.

Such an economy, often qualified as supply-side economy, implies a massive development of the productive forces and services, a general reinforcement of the network of infrastructures, the mastery of advanced technologies, the creation of new modern industrial installations and entire industries, including areas where we haven't yet proven ourselves, but where we certainly have the ability – the scientific ability, the creativity – to do so.

What is important for the implementation of such a model – a supply-side economy model – and what are the challenges we face now and in the near future?

Today we have already talked about the record drop in unemployment in Russia, of which we can certainly be justly proud. But there is a flip side to this coin. The representatives of the companies present in this room certainly know what we are talking about. I want to talk about the difficulties associated with recruitment, the shortage of personnel.

Therefore, the first area of ​​development of the supply-side economy under current conditions is, of course, employment and improving the structure of employment. We have huge reserves – we need to use them, and to do this we need to retrain personnel and increase the economic activity of citizens so that they can be realized in new, growing and promising sectors: in every city , each village and each region, there must be a possibility of finding a job.

I draw the government's attention to the situation in the regions where unemployment is high: in our country, although it has reached a historically low level in the whole country, it still remains high in certain regions. It is important to give people more opportunities to learn new skills, including in information technology and other technical fields, as well as skills for remote employment.

As of next year, with the support of the federal government, at least ten such projects should be launched in regions with limited budgetary resources. “School 21” organized by Sberbank is a good example of creating such educational spaces. I can only welcome this type of program.

Afterwards. Higher and specialized secondary education institutions should be more focused on results, ie the successful employment of graduates. In this regard, I think two things should be done – at least two.

The first is to establish specific key performance indicators for educational institutions, the most important of which is the quality of employment for graduates. Based on this approach, I propose to draw up rankings of vocational education and training institutions.

Secondly, I propose to prepare an annual five-year forecast of staffing needs at the level of the whole economy in order to take into account changing trends, new labor market demands and, of course, our priorities for the development of sectors of the economy, with the greatest possible flexibility.

I would also like to ask the government to prepare proposals for the development of an instrument such as the apprenticeship contract. The idea is that the employer sends an employee to study and improve their skills at their own expense, and that the employee, in return, receives a guarantee of employment in a more qualified position. Naturally, we have to create incentives for companies and use this mechanism, including state support. I won't go into details now, but we understand what it's all about.

A qualitative change in the labor market implies an increase in wages. What I am about to say may sound strange, but I am nevertheless certain that it is true. Now I would like to speak separately about such an important indicator as the minimum wage. We continue to index it, and we do so at an accelerated pace, increasing the gap between the minimum wage and the subsistence level.

From January 1, 2023, the minimum wage was increased by 6,3% to 16 rubles per month. From January 242, 1, we will proceed with a new indexation, of 2024%. From January 18,5, 1, the indexation was 2023%, and from January 6,3, 1, it will be 2024%, which will be much higher than the inflation rate and the rate of wage growth across the country.

The total increase in the minimum wage will have a positive impact on the incomes of almost five million people – 4,8 million to be precise. By 2030, the minimum wage is expected to at least double in nominal terms, providing an additional incentive for wage growth across the country.

What would I like to add here, what do I think is important to add here?

We develop social support measures for citizens, especially families with children. Many of these payments depend on whether the person is working or not. These payments are linked to family income, to the income of the individual. If this income increases, even slightly, social benefits are withdrawn or significantly reduced. This means there is no incentive to look for a new job or a higher salary.

We must change this situation. It should be profitable to work, and public aid should be a support, an additional income to the salary, not a substitute. I think you understand, dear colleagues, that with such a low unemployment rate, it is an incentive to work. And of course, we have to look for such incentives, improve them.

That is why I propose that child allowances up to the age of one and a half and child allowances should be paid for the entire period for which they have been granted, whether or not the family income has increased .

I also propose to support citizens who take care of children with disabilities. Today, they are only entitled to benefits if they are not working and have no other source of income. Even if they want to work part-time, they cannot do so, because then they lose their allowance. It is obviously necessary to remove these restrictions, ie to maintain the care allowance for the part-time employment of these citizens. And for there to be no ambiguity, the notion of “part-time work” must be enshrined in law. I call on Parliament to adopt the corresponding standards as soon as possible.

The second area of ​​economic development on the supply side is the expansion of entrepreneurial activity. More than 28 million people are employed in small and medium enterprises in Russia. The number of self-employed workers has doubled since the start of 2022: they are now 7,6 million.

It is necessary to accompany people who want to undertake, to take their first steps here, including within the framework of a social contract. Today it's about starting a business, running a private farm. I think it is right that the participant in the social contract should receive additional training in entrepreneurial skills at the “My Company” centres, of course at state expense.

In a previous edition of our forum, we proposed to launch an umbrella facility for loans to small and medium-sized enterprises. These are guarantees from the Société des PME in cases where entrepreneurs do not have sufficient guarantees to obtain a loan. Today, this mechanism works in all regions and has been used to grant more than 39 loans worth more than 000 billion rubles.

I must say that this mechanism works well. Look: in 2022, compared to 2020, the number of guaranteed loans for manufacturing industries increased sevenfold, and for entrepreneurs in the information technology sector increased by 46 times.

Of course, the demand for such an instrument is even greater, especially in sectors such as industry, tourism and information technology. This is why I propose to increase this resource, to extend the umbrella guarantee mechanism until 2030. And I ask the government to set targets for increasing the volume of these loans. Anton Germanovitch [Silouanov], I do not specify these limits – I ask that they be worked out and approved. But it is a real tool for the development of the economy as a whole.

I also think that it is necessary to broaden the scope of this measure to include the so-called “SME Plus” category. These are small businesses which, despite known difficulties, have grown in recent years and which, according to formal criteria – such as employment, income – are no longer eligible for state aid, but that are in a significant growth phase and need resources. We need special support measures for these businesses. I ask the government to work on it by the end of the year.

One more thing. Today, companies that leave the status of small and medium-sized enterprises lose their rights to preferential tax regimes, their tax burden increases in the immediate term – and so on until the advantages are formalized within the framework of the support for already large companies.

A situation arises – and for this room, for this audience, I won't say anything new, everyone knows exactly what we're talking about – where there is little incentive to grow, to move to another size category : it is simply unprofitable. That's why companies are trying all sorts of tricks to stay in the small business sector – the SME sector – including splitting up the company to maintain those advantages. The tax department is fully aware of this situation.

I don't know about Algeria, Mr. President, but that is what has been happening here for many years. I think people are the same everywhere on this plan and they will always find a way out of the situation created by the government, if there are real constraints to growth. What I said is the reality of our life today.

In this sense, there is no point in taking people by the hand. The objective is to support development, to remove the obstacles that prevent companies from growing stronger, growing and creating new jobs. The best way is to help, to create the conditions for a smooth and smooth transition to another category of business. I call on the government to come forward with proposals on this early next year, including the launch of a transitional preferential tax regime.

Another important measure to support entrepreneurship concerns the limitation of inspections and other control measures. Let me remind you that last year we introduced a moratorium on planned inspections of all Russian companies, then we extended it until the current year, 2023, and for entrepreneurs whose activities do not involve high risks, the moratorium will remain in force even longer – until 2030.

As a result, 339 inspections were carried out across the country last year. That's 000% less than the year of COVID (20), and almost five times less than 2020. Not a bad number, but there's a 'but' - I want to talk about it NOW.

First of all, I think that if a company is not associated with high risks of harm to citizens or the environment, it should not be inspected at all, whether on a regular basis or not. Preventive measures are enough.

Mr President, we have arrived at these solutions as a result of practical work in the economy with companies. I apologize for speaking at length, but you may also find something useful here for your country, in our life, in our practice.

Next year we will evaluate what I propose now, how it will have worked. Of course, I think it is enough to limit ourselves to preventive measures, and next year we will continue to work to reduce the administrative pressure on entrepreneurs.

I also ask you to speed up work on a tool such as business climate transformation; in fact, it is a systemic project aimed at creating a friendly and supportive environment for entrepreneurship in all parts of the country. Contacts have already been established with business associations. It is with their input that changes are made to regulations, and it is the business community that assesses the effectiveness of the measures taken.

The roadmaps for industrial construction, exports and corporate governance have been updated this year. I call for similar work to be done soon in the fields of urban planning, high-tech companies, including the use of artificial intelligence, as well as tourism and intellectual property.

I recall that we used to use the World Bank rankings to assess the conditions for carrying out activities in this or that area, and we have obtained good results in this respect. Of course, there is a good reason and a good message to encourage competition in such a ranking, and we should not give up on this idea. It is very important to have objective criteria to, as they say, evaluate your work and your progress from the outside.

I therefore call on the government, in collaboration with the business community or business associations and the Agency for Strategic Initiatives, to develop a national model of target conditions for doing business at the national level, taking into account the best global practices, so that this model can be progressively implemented across the country and in each region in particular.

And of course, the development of the business climate cannot ignore such sensitive business issues as improving law enforcement and cleaning up criminal law.

I repeat: there needs to be clearer legal regulation of economic life in the country, including the elimination of vague wordings from the regulatory framework and "cardboard" items, and the minimization of cases where investigations disrupt business and cause the disintegration of work collectives. We've already talked a lot about this subject – I won't go into details now. I want the colleagues with whom we discuss this subject, those in the business world, to know that we are not leaving this subject aside – we will definitely work on it.

A year ago, from this rostrum, I took a number of initiatives in this area. Many of them have already become law, while others are still under discussion in government and parliament. I understand that it is not easy to find a compromise in this area, but I ask my colleagues not to delay and to take the final decisions and to conclude agreements as soon as possible.

Today I would like to present some additional proposals following meetings with the Russian Union of Industrialists and Entrepreneurs and Business Russia. These are criminal law norms which have lost their relevance or which overlap with the code of administrative offences.

For example, for more than ten years, we have not changed the thresholds for significant and especially major material damage, which is not related to theft, and for the violation of copyrights and neighboring rights. I would like to draw attention to this last point because today foreign companies themselves refuse to provide software and other services. I think it would be good to raise these thresholds at least twice and to do the same for economic crimes for which a prison sentence is not applied: I refer to the avoidance of the disclosure of information under securities law.

And another subject. I just said that the number of business inspections has decreased. As you may have noticed, I made a small reservation, so I'll explain what I mean. Entrepreneurs say that now, instead of the control of supervisory bodies, it is law enforcement that began to come, and often there are no violations, but they are already there, digging into something. It may be justified somewhere. Maybe.

But, basically, what is going on? There is a substitution of notions. We say: there will be no inspections, but in practice it turns out that there will be, except that the name is different and other people come. Of course, this undermines business confidence in regulatory reform and affects businesses. I would like to emphasize that where inspections do persist, they should only be carried out by the relevant agencies.

I call on the government, together with the Attorney General's Office and the Ministry of the Interior, to enshrine this provision in law and strictly monitor its implementation. This is very important, otherwise our work is useless. We have to put everything in writing, to make it clear, as our famous comedian once said, we have to polish what is called legal technology, so that every word is understood.

Second, the business climate in Russia should be globally competitive. The business climate in Russia, both for start-ups and for mature companies, must be globally competitive. As I said in my address to the Federal Assembly, companies in key industries and sectors, the management structures of our largest systemically important companies should operate strictly within Russian jurisdiction.

Yes, of course, every businessman has the inviolable right to dispose of his profits and property as he sees fit. This is the reason why every business is started – this is the main motive, the basis of entrepreneurial activity. there is no doubt. However, a situation in which funds are earned in Russia and then deposited in foreign accounts carries obvious and often unacceptable risks not only for the state, but also for Russian companies themselves.

Many of our businessmen were convinced of this when they saw to their surprise that accounts and assets had been frozen in the West. But in fact, as we have said many times before, it never occurred to anyone that this was possible. In violation of all the norms of their own law and international law – theft – they simply shut them down, confiscated their assets and wouldn't even say why. It's incredible, it feels like the Middle Ages.

But our people have a proverb which says: “Where one is born, one is useful”. That's why I have already told our business community many times: of course, we should focus on investing money here, it will be more reliable and there will be more profit - I don't have no doubt about it. These funds will actively work in the country, in the economy, in the social sphere for our people, and not only all this will be very beneficial for the country, but also more reliable. Greater security.

Today, a large number of domestic assets are registered in the name of foreign companies. Their owners are in fact Russian citizens and wish to return to Russian jurisdiction. For them we have created two special administrative districts – in the Primorsky Krai and in the Kaliningrad Oblast. Companies can protect their assets here, maintain their usual system of corporate governance and benefit from a number of tax advantages.

I know that not everyone who would like to take advantage of this opportunity has done so, for different reasons: some simply did not have the time or were unable to obtain legal and accounting services abroad . But there are also cases of direct reluctance on the part of foreign partners to release all this information and all these documents – it is sabotage, there is no other word for it. They just don't want to reveal where our assets are, the contractors who own our assets.

I call on the government, in contact with the business community, to speed up the return of assets in key sectors under Russian jurisdiction, in particular by simplifying the procedure for transferring companies to Russia and registering in administrative areas special cases where such transfers are literally blocked by a foreign party or are not provided for at all by the law of that country. It also happens.

This should be done by December this year and, at the same time, a mechanism should be put in place to protect the rights of Russian citizens and legal persons who own domestic companies but through foreign intermediaries.

In simple terms, what is it here and what is the problem? One day, a person was transferred from one offshore company to another, then from another offshore company to a third. Then appeared quasi-owners, beneficiaries, who were also covered by offshore companies. Frankly, sometimes you look at all of this and feel sorry for those who did it: in the end, they got caught. Let's think together about how to help them.

It would seem that it is about the consequences of the decisions of the individuals, of their personal difficulties. But in the end, of course, we are talking about companies and enterprises operating in Russia. Our citizens work here, in these companies, and investments are made here. That is why we must give a clear place to the owners of these companies in the Russian legal framework and, I say this frankly, help them. We will try to do this through dialogue and contact with you.

Dear colleagues !

The next key area for the development of the supply-side economy relates to ensuring investment growth. It is necessary to increase the inflow of investments in projects for the production of priority industrial products. Already this year, the volume of such investments should reach at least 2 trillion rubles, and by 000 it will increase fivefold, reaching 2030 trillion rubles.

To this end, a whole series of instruments have been developed in recent years, including the agreement on the protection and promotion of capital investments, special investment contracts, the industrial development fund and industrial mortgage loans have been launched.

At the end of February, the so-called “cluster” investment platform was launched. Its participants can obtain preferential loans at a rate below the central bank's key rate. The amount of a single loan can reach 100 billion rubles. These loans can be guaranteed by Vnecheconombank (VEB).

Grants are awarded for R&D [research and development] on modern technologies. Emphasis is placed on those that enable mass production to be launched within three years. Last year alone, more than 160 such projects were approved, including in the field of medium and small tonnage chemicals, LNG and hydrogen-based energy.

Of course, technological sovereignty does not mean the own production of all goods and services – it is impossible for any country in the world, and it is not at all necessary, we do not aspire to it. The key is to have our own solutions in critical areas. At the same time, we need to establish reliable chains of cooperation and technological partnerships. Here we rely on cooperation with colleagues from friendly countries, with partners from EurAsEC, BRICS, SCO and other associations.

Of course, we need to increase the financial base for private investment projects and make these resources more accessible to businesses. "The project finance factoryis already operational. With its help, 26 projects with a total value of 1,8 trillion rubles are being implemented. These include the construction of a mining and smelting plant in Zabaikalie, a coal port in Primorye, fertilizer production plants in the North West and the Far East, as well as as well as the construction and modernization of airports and energy installations. Seven other projects worth 345 billion rubles have been approved.

In short, these are tools that businesses need, that are in demand. I suggest that these tools that I just mentioned, intended to lend to projects aimed at strengthening Russia's technological sovereignty, should certainly be further improved and strengthened. The government has already approved a list of projects to be assessed.

We will also launch a general VEB guarantee program for such projects worth up to 200 billion rubles. According to forecasts, this will reduce the rate of investment loans by about one and a half percentage points. The procedure is as follows: if a project passes the selection of “the factory” and the lending banks, it automatically obtains a guarantee from the VEB – up to half of the cost of the project.

And of course, the Russian stock market has huge potential to exploit. In a recent meeting with Business Russia, we agreed to launch bonds giving the right to a share of business income. Of course, the period of circulation of these bonds can vary, or even be indefinite. I expect the government and the central bank to quickly implement this idea.

We need to develop the attractiveness of equity. With the participation of the VEB, we will launch a special instrument that will allow banks to participate as shareholders in investment projects. In this case, the VEB will again bear a significant share of the risks.

Initially, the capacity of the equity fund program will be 200 billion rubles. But even this amount will unlock investments worth about two trillion rubles. We must not delay: the first projects should start this summer.

Regarding the circulation of company shares in our market, as stated in the speech, we are in favor of offering shares to fast-growing high-tech companies. The government is currently working on the issue of tax incentives for issuers and purchasers of these securities.

In order to further support and stimulate our stock market, a special decision has been made. It concerns the situation in which foreign owners sell Russian assets. In this case, part of the shares of companies whose owners change must be transferred to the Russian stock exchange.

And of course, it is important to create incentives for additional entries into our financial market. Citizens' long-term savings are an important source in this respect – this is nothing new. These projects should be supported, including within the framework of the voluntary pension savings insurance system, in which the state guarantees a refund of 2,8 million rubles. I repeat: we must ensure that our citizens can invest money and earn money at home, inside the country. And we know the situations in which money invested abroad ended up in limbo.

What are the other important elements? In Moscow or here in St. Petersburg, an investor can get not only land, but also communications infrastructure and a full set of tax benefits and deductions. But those are the capitals and a few other large regions – a number of constituent entities simply don't have this option due to their small budgets. Of course, these regions need help. In particular, there is a need to continue the rapid development of infrastructure by providing support under the so-called infrastructure program, with a focus on low-budget regions.

Moreover, the regions should have the same possibilities to offer incentives to new projects. What am I talking about? I will try to explain it.

Now, constituent entities of the Federation can introduce an investment tax deduction to encourage the launch of new business initiatives, expansion or the opening of production facilities from scratch. Last year, we expanded the list of expenses for which this deduction is possible. However, we cannot say that the mechanism is fully operational: there are still few projects for which such a deduction is applied. Not all regional budgets can yet “give away” revenue in the name of future revenue. The claim for investment tax deduction should be increased.

I think it makes sense to target this tool specifically on projects aimed at strengthening the technological sovereignty of our country, mainly in regions with little budgetary resources.

I ask the government to work on this issue with the State Council Investment Commission and the business community to relaunch the investment tax deduction mechanism with updated parameters from next year. We must also use long-term budgetary loans on preferential terms to support the regions in this area. I know that there are risks of overloading and overcrediting the regions. We will have to think about all this.

I repeat: the main thing is to take into account the interests of business development and, at the same time, to balance regional budgets.

I would like to add that regional management teams play a leading role in creating a modern business environment. Today, by tradition, I would like to mention the constituent entities of the Federation that have made the most progress in the national assessment of the investment climate.

A total of 60 regions are on this list. I am pleased to cite the Chechen Republic, the Rostov, Saratov and Kostroma regions, the Yamalo-Nenets Autonomous District and the Transbaikalia Krai which have shown the best dynamics. I congratulate my colleagues and wish them much success.

The next area of ​​supply-side economics is improving the efficiency of the real and service sector, increasing productivity in Russia by eliminating bottlenecks, removing waste and introducing optimal solutions. All of this is described by the term "lean production».

Since 2019, we have been implementing the national project “Labor productivity". About 5 companies participate and more than 000 employees have been trained in new modern methods. We see how this work brings results, including in the defense industry complex: it makes it possible to quickly adjust the production of weapons and military equipment.

The introduction of the principles of careful and efficient production must be expanded, not only in the basic sectors of the economy, but also in other sectors and in the social sphere. In this regard, the resources of the Federal Competence Center should be fully utilized and its mandate broadened.

Another key area of ​​supply-side economics relates to active automation and the development of artificial intelligence technologies.

In Russia, due to objective demographic processes, the supply on the labor market will be limited. Under these conditions, it is crucial for us to accelerate the pace of automation in the sectors of mining, manufacturing, agriculture, transport and logistics, commerce and in many other areas.

Russia not only has enormous potential in this area, but also effective solutions. The other day in our forum included the launch of driverless KAMAZ trucks on the Neva federal highway. Yandex driverless taxis are already driving on the streets of Moscow. These are good examples, but so far isolated, and what we need is a massive implementation of these technologies.

Let me remind you that last November we discussed measures to stimulate the introduction and production of industrial robots in Russia. We agreed that the government would approve a relevant federal project by July 1. I ask you to scrupulously respect this deadline: delays are absolutely critical for our economy.

The next important issue is what is called “data-driven management”. This approach should be applied almost everywhere in transport and communication, medicine, education, government, etc.

We must actively implement and use these developments, support the preparation of national software in the field of big data, launch projects in the field of artificial intelligence and, of course, strengthen information security and monitor the movement of data so that it does not harm national security or the interests of our fellow citizens. My colleagues and I have already agreed on concrete actions in this area.

Unfortunately, there is also a backlog – we have to catch up and strictly adhere to the plans laid out in the future. We will soon hear the government's report on this subject.

I would like to add that we regularly review the implementation of new technological solutions in the Russian economy and hold an annual conference on artificial intelligence. And starting this year, we are launching a special new platform, the Future Technology Forum, where we will discuss cutting-edge areas of technology development every year.

Companies, regions and research teams will present their developments and share their experiences in developing the latest solutions. The first forum will take place very soon, in July. Promising ideas in computing and data transfer will be discussed. I invite everyone to participate.

Technological development is now very rapid, and it is no longer enough to automate individual production processes to ensure efficient development: we must act on the scale of entire markets. There are already successful examples of such working platforms in Russia: these include Yandex's platform in the taxi market – I have already talked about this -, the automatic lending system of Sberbank and the platform e-commerce platform from Ozon.

I repeat: more and more sectors and institutions need to be covered, to shape the techno-economy of the future – an economy whose institutions operate on a qualitatively new technological basis.

The principle of the data-driven governance platform is also actively implemented in the daily activities of the Russian government and our colleagues in the regions. We are among the unconditional world leaders in many areas of this work on the use of the new principles of the digital state, and that is a fact. We must strengthen these positions and go further.

Dear friends !

The format of our conversation does not allow us to cover all the topics related to the supply economy. I guess I'm already boring you, but in the end, I would just like to point out that it is the responsibility of the Russian government to work in detail on each of these areas.

One of the main indicators of the correct implementation of our approaches is the rate of inflation – I have already said this. It is important for us to simultaneously achieve high economic growth and maintain price momentum close to the 4% target. You know, the Central Bank is talking about a possible inflation rate of around 5% at the end of the year.

Limiting price growth today is not just a task for the Bank of Russia, it is also an assessment of how well the Russian government is working to stimulate supply growth. I ask my colleagues to pay particular attention to this.

To this end, it is also important to increase the efficiency and scope of public spending. The implementation of policies aimed at developing the supply-side economy and increasing the efficiency of budget expenditures are the priorities on the basis of which the federal budget for the next three years must be drawn up. The implementation of supply-side economy measures will be discussed in detail at the Strategic Development Council in July.

In this regard, I would like to point out that much has been said today about the formation of this supply-side economy. But where there is supply, there must also be demand, which means that the development of Russia's economic opportunities and potential must be directly linked to improving the well-being of our citizens. . This is the reason for economic growth.

I would like to end where I started. It's not just about keeping inflation low and employment high: it's also important to ensure that people's incomes grow faster.

The Russian economy must become a high-wage economy, with new requirements for the vocational education system, increased labor productivity, including through automation and new management systems, as well as jobs and modern and quality working conditions.

I know that many, at least some, believe that high labor costs reduce a country's global competitiveness. Obviously, such a view had some basis, but it is outdated or, one might say, obsolete: it does not take into account today's realities, let alone tomorrow's trends.

If we say that the future of any economy, including the Russian economy, lies in high technology, it is impossible to achieve quality work in the field of high technology using low-skilled labor and, if it is a highly skilled workforce, it must be remunerated. Only where labor is decently remunerated will professional and skilled people work, quality products be produced, demand increase and its structure change, and so it is only there that 'truly sovereign development and technological and economic leadership will be possible.

The state assists the business community with serious issues, including those related to logistics, orders, and the availability of working capital. Dear colleagues, we have the right to expect reciprocal measures from entrepreneurs and companies, as well as a demonstration of their social responsibility. We talk about it all the time.

I will repeat what I said at the recent congress of the Russian Union of Industrialists and Entrepreneurs and at a meeting with members of Business Russia. The business community that develops and implements long-term plans to strengthen the technological, industrial and agrarian sovereignty of our country should receive support at all levels of government. Those who do not embezzle money, but invest in the development of their business in Russia, support state investments in infrastructure, urban and territorial development and environmental projects.

I would like to emphasize once again that state support measures for the economy, industries and basic enterprises should be linked to an increase in the wages of employees, the improvement of working conditions and the expansion of social packages for staff. I ask the government to pay the greatest attention to this.

Today's Russia has a heavy and very ambitious economic program. The difficulties and problems we face challenge us all to accelerate the pace and quality of transformation, to do more to improve the quality of life, well-being and prosperity of our fellow citizens.

We will certainly strengthen our sovereignty in all areas. In this work, we are fully open to equal partnership with all countries – all those who, like Russia, value their national interests and are ready to determine their own future.

Thank you for your attention. Thanks for your patience. Thank you.

Vladimir Putin

source : Official Kremlin website

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