Almost 400 contracts worth $15 billion signed at Sochi Investment Forum

A total of 398 contracts worth $15 billion (603 billion rubles) were signed at the Sochi 2014 forum, Russian Prime Minister Dmitry Medvedev said during a meeting with deputy prime ministers on Monday.

A total of 398 contracts worth $15 billion (603 billion rubles) were signed at the Sochi 2014 forum, Russian Prime Minister Dmitry Medvedev said during a meeting with deputy prime ministers on Monday.

"In the framework of the forum many interesting agreements were signed. In all, 398 contracts for 603 billion rubles were signed. But it's not, of course, how many contracts that matters, not how many billions, although this is also important; but what issues were considered and what type of conversations and discussion took place," he said, adding that the main topic was the discussion of regional policy in today's conditions.

The prime minister said that dialogue at the Sochi-2014 forum was very full, and government officials, governors, experts and business representatives participated in it.

"It was useful to discuss the possibility of attracting additional investments to the regions in current conditions. Proposals on taxes were voiced, naturally, on tariffs, infrastructure and of course, on the fact that it was necessary to support entrepreneurship in regions," Medvedev said.

The main conclusion was the necessity of increasing the competitiveness of the Russian economy, strengthening the domestic market and using the most appropriate economic tools in the current economic situation.

"Developing our own production, developing import substitution, although this term is not liked by all, they say that is somewhat misleading. But if it is not import substitution, then it is the creation of our own new, high quality goods," the prime minister said.

He said that the government was doing this earlier, but now this activity will need to be continued, which is especially important when a whole number of goods are not on the Russian market "for certain reasons".

"Based on my conversations with governors, and on the various roundtables, which deputy prime ministers and I participated in, it is necessary to prepare a final version of the government order and present it to me for signing," Medvedev said.

Read more: Russia to look for new technologies beyond United States and EU

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