SPIEF#2: Putin looks to FDI for Russian tech modernisation programme funds

Sputnik/ Mikhail KlementieRussian tech modernisation programme: Russian President Vladimir Putin yesterday used the opening day of the St Petersburg International Economic Forum (SPIEF) to put out a call for foreign investors to help finance a major programme of technological modernisation. “Russia’s import substitution program has created strong enterprises that are capable of successfully competing in the international market place,” he said. “We [now] intend to carry out serious technological renovation in order to increase their efficiency and that is why we are interested in attracting investment and modern technologies.” 
Foreign investors would be offered long-term guarantees, privileges and other preferences in return for their help in boosting technological efficiencies and setting up localised production facilities in Russia, he added. He also insisted that he had no plans to impose restrictions on the movement of capital in or out of the country.

Source: sputniknews