At a meeting on Monday with some members of Belgian-Luxembourg Chamber of Commerce in Russia, Boris Titov, Presidential Commissioner for Entrepreneurs’ Rights, shared his views of the things to be done in the country business-wise.
Perception of the business by the authorities is to change, he stressed, as the country will only progress if business and economy grow. A strong business community will inevitably ensure proper functioning of judicial system and democratic institutions. Besides, the country needs an elaborate strategy of its economic development which takes account of macroeconomic conditions and identifies proper driving forces. The government should formulate an economic idea first, and then follow a well defined cluster policy while attracting anchor investors and overhauling the small business taxation system altogether, since currently small business confronts various hardships such as growing taxes, high tariffs which are already approaching those in the US, and high cost of attracted money which is prohibitive in an economy averaging 5% return on investment.
According to the Ombudsman, reviewing experience of the European nations and Asian Dragons would be valuable for adequately promoting small and medium-sized business in Russia.