Russia needs foreign investment to modernize economy says Shuvalov
MOSCOW – The Russian government is unlikely to succeed in modernizing the economy without considerable foreign investment inflow, First Deputy Prime Minister Igor Shuvalov was quoted by RIA Novosti as saying on Friday.
"We should pay paramount attention to attracting capital to Russia for modernization, because it is difficult to do it with our own funds," Shuvalov told the State Duma, the lower chamber of parliament.
Shuvalov said that while the industry was demonstrating healthy growth, private capital was leaving the country.
"Investment capital growth stands at 2.8 percent, which is not enough for modernization," he said.
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