Putin says improving business climate in Russia a key priority

Russia will gradually carry out a plan of action to improve the investment climate in the country, President Vladimir Putin said at a meeting between APEC leaders and members of the APEC Business Advisory Council (ABAC).

"We have created a whole program to improve the investment climate, worked out a plan of action and will consistently implement it in coming years," Putin said.

Putin took part in several discussions with ABAC members on the priorities Russia set for the APEC summit, including financial and regional integration, logistics chains, food security and innovation.

He stressed that Russia transitioned to completely free movement of capital on July 1, 2007 and did not resort to any restrictions even during the financial crisis.

"Every investor can be confident that if they invest they can take out profit, there are no restrictions," Putin said.

However, he remarked that Russia still has much left to do in order to reduce administrative barriers. "I should say that this [improving the business climate] is one of the main objectives for the next few years," Putin said.

Representatives of the business community raised the issue of investment at two discussions - on regional integration and on development of logistics chains.

The heads of the delegations from Thailand, Hong Kong, Indonesia and the United States also participated in the discussion on the development of logistics.

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