Putin's speech at the plenary session of the VTB forum "Russia Calling". Main

On Wednesday, December 4, Russian President Vladimir Putin spoke at the plenary session of the XV VTB Investment Forum "Russia Calling!". The head of state touched upon such topics as the inflation rate in the country, the return of foreign companies to the Russian market, the growth of investment in the economy and other topical issues. What the Russian leader talked about, read in the material "Izvestia".

Putin on attempts to inflict a strategic defeat on Russia

During the speech, the head of state said that in 2022 some Western countries behaved as unreliable partners, destroying trade relations with Russia. He noted that as a result, many production and logistics chains, as well as cooperative ties, had been jeopardized or destroyed.

"We often hear both in the political sphere, in the military and in the economic sphere that these (Western. - Ed.) countries were tasked with inflicting a strategic defeat on Russia, including in the economic and technological direction," Putin pointed out.

According to the president, the unfriendly countries intended to radically weaken Russia's industry, finance and services, create an insurmountable deficit of goods, destabilize the labor market and reduce the standard of living of the country's citizens. However, the Russian leader emphasized, all attempts in this direction failed.

The head of state noted that the Russian economy has not only fully recovered from the difficult period, but has also undergone important structural changes.

"Last year, Russia's gross domestic product grew by 3.6% - this is well known, and in January-October of this year it increased by 4.1%. And the growth is mainly concentrated in manufacturing industries, in sectors with high added value," he said.

The President added that over the last 10 months the Russian manufacturing industry has grown by 8.1%, in particular, the automotive industry and machine building are growing faster.

Putin on inflation and unemployment

Speaking at the plenary session of the forum, Putin also touched upon the topic of fighting inflation in the country. The President noted that at the moment this indicator is at a rather high level - 8.8% in annual terms. According to the head of state, coordinated actions of the Bank of Russia and the government are necessary to reduce inflation.

"We need to properly, wisely use all the tools of economic policy in the fight against inflation, while avoiding structural overkill, including the risks of increasing income gaps of citizens and reducing the revenue base of Russian regions," he said.

The President also expressed confidence that sooner or later the inflation rate in Russia will reach the target of 4%. He emphasized that the most important tool to fight inflation is to ensure sufficient output of goods and services of proper quality.

In addition, Putin said that compared to Western countries, Russia has a record low level of unemployment, including youth unemployment.

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"Youth unemployment is a problem in very many countries around the world. We also have such a problem. Or, to be more precise, it already existed. Here, the unemployment rate is below 9%, although at certain times and quite recently it was off the charts at 20-25% in some regions of the country. In general, Russia has a record low unemployment rate - only 2.3%," he said.

Putin on investment in the Russian economy

During his speech at the plenary session of the forum "Russia Calling!" Putin noted that investment in the Russian economy is growing for the third year in a row, despite the problems created for Russia from outside. The head of state also said that a specific goal has already been set in the area of increasing investment activity.

"We have set a specific goal here: by 2030 investments should add 60% in real terms to the level of 2020," he said.

At the same time, the President emphasized that Russia is among the global leaders in the investment climate rating, and is ahead of all countries in terms of the level of regulatory framework and provision of public services.

Putin on the BRICS investment platform

During his speech, Putin also said that Russia, together with its BRICS partners, has begun to develop an investment platform for the association.

"Our colleagues agreed that this is an interesting, useful work for all, with good prospects," he said.

According to the president, the platform will become a significant tool to support the economies of the bloc's member countries and will provide financial resources to the countries of the Global South and East.

Putin on the return of foreign companies to Russia

Asked about the possible return of foreign companies to Russia, Putin said the country's leadership would not create special conditions for this.

"Will we create conditions for those who want to return? We will not create special conditions. We have not pushed anyone out, we have not banned anyone. Our doors are open," the president said.

The head of state noted that the departure of Western brands has stimulated the development of domestic brands, and many vacated niches are already occupied by Russian manufacturers. According to him, in such conditions it will be difficult for foreign companies to come back, but the country's leadership will not create obstacles for this.

Putin on lending to individuals and businesses in Russia

During the plenary session of the investment forum "Russia Calling!" Putin also drew attention to the dynamics of the loan portfolio of Russian banks.

"Starting from August, the portfolio of retail loans has practically stopped growing, in turn, in the segment of corporate loans growth continues. I think, here, in this audience, there is no need to explain that in general this is the result to which we are striving, including by curbing inflation," - said the President.

"The Russian economy has fully recovered"

Vladimir Putin's speech at the forum "Russia Calling". Key quotes

At the same time, the head of state urged to prevent sharp fluctuations in the credit portfolio of the financial system and to ensure its structure so that it could solve strategic tasks.

Putin also instructed the government and the Bank of Russia to make decisions in the field of credit portfolio management of state-owned companies to prevent excessive debt burden on them.

Putin on state support for companies' entry to the stock exchange

During his speech, the head of state also pointed to the need for more active participation of the Russian capital market in financing projects related to the development and structural changes in the country's economy.

"I would like to note that this year alone, 19 primary and secondary share offerings have taken place in Russia. The issuers were able to raise 102 billion rubles. The result is quite satisfactory, good, but on the scale of the whole country is small," he explained.

In this regard, Putin instructed the government and the Bank of Russia to develop a package of additional incentive measures for issuers of shares. In particular, the President noted, it is necessary to increase demand for securities, while ensuring effective protection of investors' rights and information transparency.

Putin on the equity life insurance program

During his speech, Putin also spoke about the program of shared life insurance of citizens, which will be launched from January 1, 2025.

"In essence, the principle of classical insurance and investment is combined here. When a citizen simultaneously invests in assets, receives income from them and at the same time insures his life and health," he explained.

The President added that the state insurance in the amount of Br2.8 million is provided for these funds. He also proposed to introduce tax incentives for citizens participating in the program of share insurance, first of all, tax deductions for the contributed amounts. The Russian leader has instructed to prepare and adopt the relevant federal laws in the near future.

Putin on the digital ruble

During the speech, Putin also touched on the introduction of a digital analog of the Russian currency.

"The Bank of Russia is gradually introducing the digital ruble. Within the pilot project, the replenishment of funds and transfer of digital rubles between individuals and legal entities have been worked out," said the head of state.

According to the president, more than 9 thousand citizens and 1.2 thousand companies have joined the project, and the number of participants continues to grow.

The Russian leader added that from next year the digital ruble will also be used for budget settlements, and from July 2025 the digital currency will be available throughout the country.

Putin also said that Russia continues to create infrastructure for the use of the digital ruble in international settlements. He noted that such transactions should be comfortable for business and bring less costs.