Labor productivity to go up by 30% in Russia

Representatives of the German Eastern Business Association were received by Vladimir Putin in the Kremlin, presidential webpage reports. The discussion covered such issues as joint projects, industrial cooperation and digital economy.

When addressing the audience, the president noted that “Bilateral trade grew by 23% to $50 bln in 2017 and by further 24% in January-August. German investment in various sectors of our economy now exceeds $20 bln, whereas Russia’s investment in the German economy is $9 bln. There are about 5,000 companies with German capital in Russia with about $50 bln in total revenue. Industrial sites are being built and modernized. Autos, agricultural equipment, trains, electrical equipment, and other high-tech products are being manufactured with the latest German technology.”

“Foreign entrepreneurs can receive assistance from the Russian Direct Investment Fund and have access to much government support provided they localize production in Russia”, he assured, adding that “We are doing much for the country’s dynamic technological development. We have launched the Digital Economy program under which we plan to increase labor productivity by 30% by 2024”.

Russia’s another ambitious goal he named is making its economy’s innovative sectors generate over 10% of Russia’s GDP.

Previous ArticleNext Article