Medvedev: Russia is open for business

In a flying visit to the World Economic Forum in Davos, President urges foreign investors not to be put off by terrorism

Dmitry Medvedev, the President of Russia, last night set out his country's stall in an attempt to attract international investment, vowing to fight to "eradicate the terrorism" his country has repeatedly suffered.

Speaking to the World Economic Forum in Davos, Switzerland, Mr Medvedev unveiled a series of reforms and initiatives he said he hoped would prompt investors to flock to Russia, while also chiding Western countries for their failures during the financial crisis and subsequently.

Mr Medvedev made only the briefest of visits, flying back to Russia immediately after his speech. He said that the terrorists responsible for the bombing at Domodedovo airport in Moscow earlier this week, which killed 35 people and injured more than 100 others, had expected him to cancel the visit altogether but that they had "miscalculated".

The President urged other countries to help him in the fight against terrorism, without which efforts to "develop the global economy would be futile". He said that Russian democracy would develop alongside its economy but declared: "Russia, despite its difficulties, is an open country."

Mr Medvedev's most striking commitments to reform included a pledge to work closely with the European Union in order to establish a common economic area. "We are moving towards establishing a single market stretching from the Atlantic to the Pacific," he said. Russia hopes to complete its entry to the World Trade Organisation later this year and then to join the Organisation for Economic Co-operation and Development.

The Russian leader sought to contrast his desire to open up trade with the dangers of protectionist instincts elsewhere in the world. "No matter how difficult it is to resist narrow national interests, it must be done," he added. He also warned that many countries had been too interventionist following the financial crisis. And he said the West had yet to learn all the lessons of the crisis. "Man has to live within his means," Mr Medvedev said, in a comment that will be seen as a dig at America's soaring budget deficit.

The President also ruled out new taxes on the financial services industry in Russia, a vow that will disappoint campaigners for global levies on banks to fund development projects. Mr Medvedev said his opposition to such taxes was based on his desire to open up Russia's financial system.

He said Russia would seek to boost its energy efficiency through deals with foreign companies, such as the one between Rosneft and BP. He dismissed suggestions that corruption and state autocracy should deter foreign investors.

"We are developing and moving ahead [on fighting corruption and boosting independent justice systems]," he said. "These are realistic attempts to improve the investment climate in Russia, but what we do not need is lecturing – we should be working together."

Start your day with The Independent, sign up for daily news emails
  • Get to the point
Latest stories from i100
Have you tried new the Independent Digital Edition apps?
Independent Dating
and  

By clicking 'Search' you
are agreeing to our
Terms of Use.

iJobs Job Widget
iJobs Money & Business

Recruitment Genius: Retirement Coordinator - Financial Services

Negotiable: Recruitment Genius: To provide a prompt, friendly and efficient se...

Recruitment Genius: Annuities / Pensions Administrator

Negotiable: Recruitment Genius: You will be the first point of contact for all...

Ashdown Group: HR, Payroll & Benefits Officer - Altrincham - up to £24,000.

£18000 - £24000 per annum + benefits: Ashdown Group: HR, Payroll & Benefits Of...

Ashdown Group: Learning and Development Programme Manager

£35000 - £38000 per annum + benefits : Ashdown Group: A highly successful, int...

Day In a Page

The saffron censorship that governs India: Why national pride and religious sentiment trump freedom of expression

The saffron censorship that governs India

Zareer Masani reveals why national pride and religious sentiment trump freedom of expression
Prince Charles' 'black spider' letters to be published 'within weeks'

Prince Charles' 'black spider' letters to be published 'within weeks'

Supreme Court rules Dominic Grieve's ministerial veto was invalid
Distressed Zayn Malik fans are cutting themselves - how did fandom get so dark?

How did fandom get so dark?

Grief over Zayn Malik's exit from One Direction seemed amusing until stories of mass 'cutting' emerged. Experts tell Gillian Orr the distress is real, and the girls need support
The galaxy collisions that shed light on unseen parallel Universe

The cosmic collisions that have shed light on unseen parallel Universe

Dark matter study gives scientists insight into mystery of space
The Swedes are adding a gender-neutral pronoun to their dictionary

Swedes introduce gender-neutral pronoun

Why, asks Simon Usborne, must English still struggle awkwardly with the likes of 's/he' and 'they'?
Disney's mega money-making formula: 'Human' remakes of cartoon classics are part of a lucrative, long-term creative plan

Disney's mega money-making formula

'Human' remakes of cartoon classics are part of a lucrative, long-term creative plan
Lobster has gone mainstream with supermarket bargains for £10 or less - but is it any good?

Lobster has gone mainstream

Anthea Gerrie, raised on meaty specimens from the waters around Maine, reveals how to cook up an affordable feast
Easter 2015: 14 best decorations

14 best Easter decorations

Get into the Easter spirit with our pick of accessories, ornaments and tableware
Paul Scholes column: Gareth Bale would be a perfect fit at Manchester United and could turn them into serious title contenders next season

Paul Scholes column

Gareth Bale would be a perfect fit at Manchester United and could turn them into serious title contenders next season
Inside the Kansas greenhouses where Monsanto is 'playing God' with the future of the planet

The future of GM

The greenhouses where Monsanto 'plays God' with the future of the planet
Britain's mild winters could be numbered: why global warming is leaving UK chillier

Britain's mild winters could be numbered

Gulf Stream is slowing down faster than ever, scientists say
Government gives £250,000 to Independent appeal

Government gives £250,000 to Independent appeal

Donation brings total raised by Homeless Veterans campaign to at least £1.25m
Oh dear, the most borrowed book at Bank of England library doesn't inspire confidence

The most borrowed book at Bank of England library? Oh dear

The book's fifth edition is used for Edexcel exams
Cowslips vs honeysuckle: The hunt for the UK’s favourite wildflower

Cowslips vs honeysuckle

It's the hunt for UK’s favourite wildflower
Child abuse scandal: Did a botched blackmail attempt by South African intelligence help Cyril Smith escape justice?

Did a botched blackmail attempt help Cyril Smith escape justice?

A fresh twist reveals the Liberal MP was targeted by the notorious South African intelligence agency Boss