Vladimir Gamza, Chair of the Russian Chamber of Commerce and Industry’s Council for Financial Markets and Investment, has called for increasing fixed capital investment and developing mechanisms to channel savings into investment projects.
Speaking at the Russian Venture Forum (RVF) in Kazan, Gamza noted that fixed capital investment currently accounts for about 20% of Russia’s GDP. For rapid economic development, however, this figure needs to be significantly higher, he said.
To achieve growth rates in line with global benchmarks, investment should reach 25% of GDP, and even more for accelerated development. Vladimir Gamza pointed to China as an example, where fixed capital investment amounts to 42% of GDP.
At the same time, the economist identified the financial market’s weak contribution to financing the real economy as a key problem. Globally, the financial market accounts for up to two-thirds of fixed capital investment, but in Russia that figure is less than 15%.
Session participants agreed that the main task now is to create financial mechanisms capable of channeling domestic savings into investments and new projects.