Vladimir Putin’s speech at the SPIEF 2023 plenary session
The President listed the major principles that ensure steady, long-term and sovereign development of the country’s economy:
Maintaining a balanced budget and monetary policy. This combination has resulted in record-low unemployment and inflation.
A policy of ensuring social justice, decreasing poverty and inequality.
A focus on promoting private initiative and expanding freedom of business activity.
Lifting digital restrictions and priority development of transport and logistics networks as well as other infrastructure.
The openness of the economy and expanding relations with reliable and responsible partners who are today’s drivers of the global economy.
“We need a proactive economic policy which can be built up and implemented in close alignment with the business community, our businesspeople. In fact, this means transitioning to a qualitatively new development level – a sovereign economy that not only responds to market conditions and takes into account demand but also creates demand itself,” the President of Russia said.
The President also outlined the directions for developing “supply-side economics”:
Improving employment resources: retraining people, universities and colleges to focus on successful job placement for their graduates.
Expanding entrepreneurial activity: support for beginning businesspeople and a system for smoothing the transition from SME to a larger business.
Ensuring investment growth: increasing investment in projects for manufacturing priority industrial products. The Project Finance Factory is already operating; it is now supporting 26 projects worth 1.8 trillion rubles; another seven projects have been endorsed, valued at 345 billion rubles.
Introducing lean manufacturing: raising the effectiveness of the real economy and services industry, stepping up labour productivity.
Production automation and use of AI technologies: a new platform is being launched for this, the Future Technologies Forum, which will provide a platform to discuss advanced trends in technology progress each year.
“Expanding Russia’s economic capabilities and fulfilling its potential must be directly linked with the growing well-being of our citizens. This is the essence of economic growth,” the President concluded.
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