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Medvedev says foreign investors not losing interest in Russia despite sanctions

Update: October, 22/2019 - 11:20

GORKI — Russian Prime Minister Dmitry Medvedev noted that foreign investors do not lose interest in the Russian Federation, despite the sanctions.

"The interest in Russia as a whole has not weakened. On the contrary, even after the introduction of various sanctions, the volume of investments under the FIAC (Foreign Investment Advisory Council) continued to grow," the prime minister told the meeting of the FIAC.

According to him, "over the past five years, which was a difficult period, the volume of investment has increased by almost 50 per cent."

"Feel the difference and co-relation between various forms of pressure and investing," the head of the cabinet said.

Medvedev recalled that the FIAC was created 25 years ago - in 1994, and foreign investments in the Russian economy started from about US$700 million.

"Now the annual investment inflow is measured in billions, the total investment of companies that are members of the Foreign Investment Advisory Council is about $180 billion, which is quite a worthy amount," Medvedev stated.

He admitted that over the years some of those foreign investors who attended such meetings in 1994 (FIAC) have left the Russian market."

"That is life, each (left the Russian market) for their own reasons," Medvedev added.

However, he noted that the FIAC still has 10 entities that were at the origins of its establishment, calling them the "gold fund".

Medvedev said he considers the FIAC to be a "unique platform". He noted that no other country has a platform, where top government officials and heads of major companies are considering the current issues together.

"I don’t know if this is a good sign for our economy or not. It might be better when the government doesn’t go into anything at all, but we are definitely not at that stage of economic development in our country when the government can be an outside observer to economic processes," the prime minister said.

He pointed out that in addition to the 53 companies that are members of the FIAC, "four entities received observer status in the Council." According to Medvedev, the value of the FIAC as an organisation is that it focuses on "absolutely practical issues," which concern either the tasks of the industries or the issues of the companies represented in the Council. — TASS

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