Sanctions force Russia to alter vector of investment development

Sanctions force Russia to alter vector of investment development
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Sanctions imposed by a number of countries against Russia, all kinds of restrictions and growth of interest rates forced Moscow to change a vector of investment development, allocate the funds in the establishment of new production facilities, industrial complexes and technoparks, the head of Moscow Department of Economic Policy and Development, Maxim Reshyetnikov, said on Friday.

“On the whole, there is a considerable alteration of the investment vector. If two or three years ago one could speak, first of all, about the development, the construction of large territories, now this vector is being altered and we understand why,” M. Reshetnikov said on the sidelines of “Sochi 2016” forum.

He added that for the last years a volume of fixed investments increased by 60%. “These are strong indicators, however, under the conditions of sanctions and high interest rates, such projects are difficult to implement,” explained Reshetnikov.

“Priority of our investment policy are investments into the creation of new productions, in technoparks, industrial complexes,” he said and stressed under such conditions “smart investments” are required.