Russia needs to develop efficient transmission mechanisms for investing savings. The country has over RUR 100 trillion ($1.5 trillion) of internal financial resources which remain unused, said Vladimir Gamza, Chairman of the Chamber of Commerce and Industry’s Council on Financial, Industrial and Investment Policy, at the strategic session “Angel investors: problems and sources of long-term money.”
Vladimir Gamza noted that Russians are more likely to deposit their money while other financial instruments are not so popular.
“It is partly the fault of the government that has not proposed any efficient transmission mechanisms for investing savings. We will not be able to achieve economic development until such a mechanism is created,” stressed Vladimir Gamza.
He added that Russia’s vulnerable spot is that it lags behind the West in labor productivity.
“This is why we can’t produce high added value and are constantly falling in per capita GDP rankings,” the expert added.
Vladimir Gamza added that it is necessary to prepare a program for developing angel investing in Russia.
“We need to develop mechanisms for funding startups,” the chairman concluded.