to one of the most liberal models of its regulation in the world from. a closed country to foreign capital to three hundred billion it came late for an investment . we were creating our tax system from scratch and i shall remind us that in russia right now it has about a lowest corporate and individual income taxes for the purpose of incentivizing long term investments starting from d.c. if we leave freed from takes ation the kept against. one can do a lot of things it is always placid to want about things that have been done but the most important thing is that consistently and this is one way. we're moving on but i believe that there are problems and obstacles in our way we understand that without only name of a corruption effective government and company policy without good quality to the financial system we won't go there comes this excess if resource dependence and

want to achieve high quality of life for some of the news that's the course for modernization. well it. became a response to the made it an issue and that's exactly why don't you that we launched a project of modernising national economy on the defining technology priority for the next two years setting the task of turning moscow into one of the biggest international financial center that is not one that modernization there's not look easy but from the very beginning we were aware that that is exactly the way it will go but to wait. and. identify certain other timeframes was something that we simply didn't have the right and we started acting with and occasionally policy of modernization bearing its first maybe a little fruit during the few months. i already sectors have started with hundreds of millions of dollars but russia is something that we get all of the major global

from and energy companies came to a strategic investor is during three years the number of russian households who have access to the broadband internet successful i.p.o. is of russian internet companies two and a total capitalization right now is measured with the dozens of billions of dollars i see as the could and russia. so as maintained in strength and leadership created by the launching of the for us into this space and a breakthrough beauty got in and let's see if the end of the game in our country is number one in terms of the space. i mean in terms of the launching space. and we are computing the creation of the national navigation system which is loan us which gradually use the system that the world is starting to do it and finally today russia is building nuclear stations using technologists which already comply to stories to pursue my requirements meaning the enhanced safety requirements which.

i mentioned actually technology priority because i believe this is where modernization of a quantum issue in a minute. to the south and what we intend to do is not just in the innovation center you know you're just changing the we're going to be told you're going to win a new one in a number of heritage sectors that is self-evident such. as the sparks which sent into motion of the mechanism for much larger scale changes forewarning growing the dynamics in subtle changes in these private projects to demonstrate how one should work to get us was going to start to disseminating best practices that as a whole you can create and that goes for all over the counter. of the new technologies instruments for. innovation the standards for technical regulations constant clearance immigration rules and many many of its things including the quality of management at the regional valley. took place and there was

a chart changes and in order for the changes to be fostered in the past two years i have not quite considerably renewed the leadership core in the russian region it's new it's. very because leaders you came to governors because of its and that already. improve the business environment and i would just quote as an example one city which is not a nation that i recently appointed. already reduced the number of procedures required to start a construction project to fault and that was a very you know how to thank you for the development of you have all seen it up and i would like to say that these are just at first it was also modernization and achievement of its objectives in these are difficult and complex problem but i am absolutely sure that the excess ease what she will take on is now he would get out and see the way we are going to minimize external risks globally finance of the global financial crisis led to an appearance of the first significant with

a financial discipline is the number of countries including european countries and the united states. was that he was more in appearance of new bundles or. can happen practically any market and we saw it absolutely with you surely you know that it's into a secure global financial system and these bubbles burst in such a way that it throws the whole planet into. the meat to reduce the budget deficits may bring about a slowing of their going to development and consequently the demand for the national goods investors will be looking for ways to diversify their investments matches and whether they're going to selecting our country to a very large extent depends upon our own selves but in russia we will must propose new opposition promenades rowing consumer demand to dozens of infrastructure projects as well now is to demonstrate. the new opportunities related to the creation of a single economic space with our neighbors which you know it but i would like to emphasize this should make it into one of the biggest and most attractive models

for the world you know what about the global economy is handed a sign excessive ability of commodity markets and we saw it through our own example just admit i should want to should not always count up on high all the prices in particular need a continued growth but yes indeed the kind of an upheaval that is taking place in asia but and mr barton i developed and mentioned the conflict in the middle east and northern africa. consequences of the japanese test to all of its legs to hire quoted a price on the. reliance upon the price environment is totally out of a long term list of goals. and this is an absolutely banal city but we all want to live according to. trying to at least save some of our income from makes us. think says if you turned in your application i was such a money against the backdrop of all this fuss the global inflation is a very risky policy it doesn't allow us to reduce interest rates and dramatically increase the investment activity means that the minister of finance is not ng in

response activity i think that's a much more significant integration of the. economy into the global one next regulation is also one of the alternatives different scenarios have a saying that you can market was it like purchase they were only when they are open to unfold it and so weak and without an open economy it will plummet and it will really hurt and that is what we're going to reduce there is a foreign investment. plan to complete the russian accession to the w t o and then yes that's going to be. economics going to sessions that it was going to cooperate in development as far as w is concerned i believe that is real to work d.c.'s if we set only no political games recently. we. are joined double gold more than you might say many other countries the big ones are little ones and

everybody is aware of it is nuts but that might well be the production of the moguls. number off with concessions or something they're trying to squeeze us for and such an approach unacceptable and such just listen to teenagers decision for something that russia won't go for you if our partners are not ready for it. russia's accession go down but you know this is going to be a scenario and we need to avoid it one way and not going to be political economic interest from us not. successful development to see if we did russia was the. best way will also utilize its positions indeed to national institutions where because of the g eight anyway trying to responsibility for results in a global security problems for the development of the poor states of the world and this part of the brics forums that russia is one of the fastest growing countries interest rate amongst other things in a much more stable financial architecture at least in bringing about us more than

that matter and technology and making it be international commission more democratic and much more active application of your new novel r. and b. and other emerging in the currencies apparently will turn the international financial currency system into much more flexible and comfortable for investors that operate within the other thing for a mother being able to work within these two for one is what do we do to create an opportunity for russia to act as a breach to harmonize and would officials and for more. on the most influential right now you can make forum which is the g. twenty is that you look at it which which were proposed by russia already broadly being debated in the most authoritative and. national for a we're very happy for that and that of all the new class safety and security as well as the messages when we are safe and secure to the production of offshore oil you have accumulated our ideas about the new rules for the. property. because of the way the internet is developing and the basic idea that it is of no we. are all

of the cultural right hold is when defining issue believe ways to protect their ip products. these. are just separate examples of our joint work and that is laid out today to important to achieve new quality you know humans between the leading nations to ban the consequence of the development of economic policies more than i see here i see if we do not a party conventions and russia will play the role of one of the key moderators in this process rules a great deal i would like. for the role played. for the sake of the global stability and security by our biggest neighbor which is the people's republic of china that if you give us the strategic partnership between russia and china nobody comes to turn the world simultaneously into more story. and turn it into a more dynamic and developing. speed was the world is now the cogs about the strategy for the development of the. village and about the goals of the strategy

that we've mentioned more than one. and therefore i would like to focus today more apology actions which is obviously one of the most you know about that of national well known drops innovators of the world steve jobs once said that they need the important decisions are not the ones which you actually want to be about the ones which you decide not to implement and i would like to state. very clearly missed that because we in the car did not building the only government capitalization in the us yes we have a stage of development related to strength. role of the government in going on about. was essentially an endemic. and very necessary evil is there you said in the period it was important to stabilize the situation after the case of the ninety's and to set an elementary order in practice and right now the potential for these

ways you can see is exhausted which defectiveness. conditions you cannot make model very strongly depends upon the environment and often leads to work but you sure are lethal what out steps erratic steps which only one thing preserve watch already there and almost all of the time but irrespective of the effectiveness of such a character. the government still rages and i mean. a big number of economic and from companies to land the land. but if you look at all the rest of the assets as well. in a definitive way the excessive system or the government regulation in the captive such that it will in the first place in a natural monopoly of the geo sectors. and any uncertainty in law what is the risk borne by an entrepreneur but not by the government and the principle of the government being always right either manifested into corruption or

over the counter preferences to crony companies irrespective of the form of proprietorship under such conditions these are not in the market institutions which operate but the principles of manual control. their efficiency is not only strongly limited much to very. discriminating in the quality of the medicine economy and democracy under such a system very often reminds one of a you well known joke about you the way computer systems about it yes the old hours were eliminated but some brand new ones got it and as a result of the domination of the government companies in a significant number of interest. solo entrepreneurial and investment activity in leaders areas leaders and indeed of the day the threat of losing competitive all the whole russian economy which won't be prevented even the kind of words that we some of the experts may find very nice today is like a five year period such an economic model poses

a threat to the future of the country and this is not my choice but my choice is different what i see the russian economy and it must have been in germany to in private entrepreneurs ship and private investors the government must protect their choice and appropriate. conscientiously risk they money and their reputation of those that must provide but of i'm not sure such people the right to make a mistake as well as give an opportunity to act in a dry additional and vicious and daring way. government companies must ensure contemporary stable infrastructure for the development of the overall economy so that is that the government in the similar way should create such a system or social security and public services which would be incentivized russians knowledge told to grow their number of children to maintain a healthy way of life to a continuing education and ultimately to a long and fruitful employment and here we will have to do

a lot of things you know to to get rid of the heritage of the previous system where you put in the distribution mechanism because the system is for the chosen one a structure and you have not raised as well as a minimum ration of which made all the last equal in their politics and suppression we were able to in other words my choice is the policy which would ensure maximum opportunity to hold economic activity of the millions of us citizens to show the citizens seem to operate by the law and the whole might of the government might. rush to see what the next ten years which was. the economy of the hike. the economy which will turn our life into a comfortable and exciting one the big companies will create things which would enable us to stay within the top leaders of the world which to my mind. simply having healthy people in clean energy intellectual network electronics services

comfortable transportation if not about housing quality education and favorable environment for everyone and foremost for children for the disabled and for our seniors. we can't afford then you will not be trying to catch up somebody but to create new technological. and we're moving towards such an economy which is based upon the next generation of technology as were lined up on a major competitive companies competitive in the global markets and the broad number of medium and small sized companies of an innovative nature amongst other things. we become the last set of skills in such an important issues which we maintain and we expand our big intellectual human capital i'm convinced that russia will stay much the leaders of the global economic growth. my choice. is serious renewal of not only old redundant elements in the economy but all of the public institutions. it is necessary not only to the very specifically that you change but

also to undertake just to make decisions we should not delay saying goodbye to many a bad habit. it is improper for us to talk it only relaxed and even less pay is great that this is a mistake more behind the stability at the moment another stigma nation may be hiding so we need to decisively and quickly change everything that is in the way for the breakthrough developments and least things mentioned constitute the basis of the strategy which i formulated during the three years of my presidential office and which today is broadly known as the program of russian modernization. i'm convinced of this. state of the art and the most worthy policy of russia. we can change the situation it's not about it at all it's about the next two years it is for that purpose will be aimed at the following objectives. to medical improve the investment and entrepreneurial environment for the purpose of creating

highly productive workplaces in all of the regions of the country for a good quality progress in the fighting corruption in creating of the modern the petroleum and other one fortunate structures in improving the efficiency of the judicial system and finally some of the more than izing of the government itself but i am betting into it more than a project based approaches and decentralizing different to what by the end of march in the studio. should be tossed aimed at improving the quality of the market institutions at reducing the cost for business and bringing investments into the russian economy and it was in politics it is very important to bring your decisions all the way to practical application and in magnitogorsk initiatives are already being implemented a decision was made. quite a continuous need to reduce the maximum grade of a mandatory insurance contributions starting from next year from thirty four down to thirty percent in for the small business and. production area and social

area twenty percent this is a model certainly not a dramatic reduction at all but you very been if you should all measure for a great number of small and medium sized companies and i believe that this decision for this transition period is a fair and very balanced one. besides . the decision was repaired which would also narrow the area of control over the strategic foreign investment as well as we're going to access all minority shareholders to the information about the world of the public companies in its own way investment woodsmen now. in our federal district mauled by a hotline of the presidential office he is also working on the draft federal act was prepared which institution a special order all reviewing claims we trick you somebody off corruption in particularly when we have completed changing any of these high government officials

for non-executive directors into key government companies in all of the joystick companies controlled by the government this particular process will be completed in the autumn if they see if. we have established a russian don't read it investment fund management company the federal budget has about two billion dollars allocated for setting aids you first secretary comment on the way how the negotiations with the key potential partners interest from them is a very strong issue and when the next few months we will start reviewing specific projects the. discussion of a laser marking the last initiatives demonstrated a very high demand for very quick and practical decisions and that is no accident because the task of monetization can be achieved not just by one off maybe used dramatic action but only as long as there is a continued flow of changes undertaken as well as an existence of the political will to move this process. in

a predictable step by step. and with interest context i believe. that it is worthwhile today. to undertake some new steps which other. first of all the government doesn't require such large masses of. the government has submitted its ideas about the schedule for privatization of all the major companies the implementation of these plans is definitely necessary but these plans there should i believe it is justified to give up on controlling as well as the blocking shares of stock in many major companies which currently are owned by the government. but what cautious approach will be here required with respect to infrastructure monopolies and the big companies which are necessary to ensure military security of the kind of defense or curity of the. government to keep on august first will have to just

to scale up privatization in order to resolve this and i'm sure that it will be able to all but as that action and do politicization but all going. transparent are also in order to attract effective private investors and to generate sufficient amount of funds for the russian budget secondly trying to mischaracterize national does the federal nature of country must be the driving factor for the problems of this diverse country and promote our competitive advantage in the medium as well in the contemporary world it is a huge possible to manage the whole country out of one place particularly when we're talking about such a country as russia. will tell even more words about it. sure if. i ever thank the stars moving work i only gave them the soaps the muppets commanded from the company and i know it is because we went through that experience means that such a system is not going to get more resilient is not able to persevere in it fast to

beat the jets to a specific person and this is bad it is just one facet of the all the whole and very soon i'm going to create a highly point a working group which will prepare to pose and which to decentralize authority between the levels all of the government needs to be in favor of municipalities in the first place is covering the issues perspective adjustment on all of the international tax system and the principles of the e.u. to budgetary fiscal relationships i believe that such decisions would be more conducive to the future that you develop into the russian economy but certainly there is a need to undertake additional steps to improve the quality of the work of our judicial authorities. in this area are quite a few problems at all just saying in the written about them and we know them on me quite a long time i not only would know. a lot of sorting things out with them without any external. and i'm confident that in the first place the should to assure community will do it like self many for they are proposing in the end i said every

now and then you receive such letters to which he said that made a special court in the last century a special and judicial system for foreign investors i don't believe this is rhymes unbind deal with the fate of course is something that everybody acquires the citizens of this country any organization any individual even attack and we do so that is exactly the way we are going to work on that issue with the same time that we show incentivize those about a specialty in terms of the training of the judiciary which is a label which may be ation and improve the quality of our judges i believe that the traditional call is something that new people should come to with the expertise of working in different legal areas in order to turn this procession to more significant one. make unnecessary decisions which you could i would also toss up to . think about the possibility all the time going on at the judges so i say to you. and make them accountable and you're going to we have the qualification once you hold your respective levels and i believe it would be better balanced to

distinguish function between these politicians boards as well as the reach of you know presence that is a very special issue but very important on the fourth thing. words about corruption suffocating in the russian economy something that we constantly evident and it should be as they say very symmetrical not to leave choke on the neck of the current trend. is the without any. stop lately but corruption is very difficult to discover existing go to all the criminal prosecution and corruption is very slow and very complicated it should be maintained at least for they can guarantee is known to be there in case there is some unjustified accusations in which some things which. doesn't often at the same time the government should be purged from corruption and in the motor city way

and for that purpose we're shooting hands the basis for the dismissal from the government office just as those who are suspected of corruption of it and we could have as a basis given information which would receive a result of investigative activity if you want even if they were such a weight or that it could not will be applied to any criminal prosecution essentially that it will be dismissal because of the loss of trust as the basis to terminate official doesn't mean it's important but you must acquit and at the same time there is a need to maintain the traditional order through which socialist national patterns the euro you only wish that you and i should it was think that we should do to the full proprietary accountability he's missed. for the government which before that has compensate it losses in damages of an individual which was brought about by illegal activity or the lack of activity on the part of such a government official not with w. if so generally speaking we should squeeze and chase out the other all those least the brits who just look at this respect the law and who do not respect the

integrity of their colleagues and there are quite a few people i like and unfortunately used to work at and resist it. such are found also in the want to watch the system and specifically i'm talking about actually kind of investigators who are deterred. i don't ground the criminal case into an instrument of. corporate trading and into some sort of a business for them so this was a bit in one that is they should use the institution all of a mandatory persecutors the verification. of cases which go through the call and in case some abuse is uncovered a prosecutor will be able to criminally prosecute and investigate the respective amendments into the law i'm going to summate into the russian parliament in the very near future. it is necessary for us not only. talk about beautiful planet but also too cheap a significant progress in developing a financial center in moscow for that purpose and many important changes in the

legislation are going to be submitted to the c.m.c. which is the most good government in the same period of time go put together a package of basic problem programs which would alter the life of your city and in terms of some other issues for example in terms. of the circulation of the russian securities abroad we would also be making some decisions in the very near future and the last thing to do in that we're trying to achieve a visa free regime with the european union and other countries a lot here depends upon our partners. we are ready to demonstrate. not only our goodwill to resolve but also demonstrate an ability to undertake very specific steps so it would make it possible that long term use is to be received by all investors and businessmen who have construed budgies most interest in russia including those who are involved in this game will be innovations called project and the international financial center projects in moscow and finally looted in

order to. improve the development of moscow make apologies for the purpose of the financial center project and simply to ease the life for a great number of people us. we may also consider the possibility to expand the thing the boundaries of the city are moscow meaning to say to create the capital city federal district which would go beyond the traditional boundaries of the new secure moscow and move outside of those bunker boundaries because it will number of the government institutions and agencies that. their friends colleagues at guy quoted a number on your interest if you think that there are measures and i'm sure that they are going to be implemented but it doesn't mean that their least is exhausted and so these measures should be continuously is that improved and i'm sure that all the statistical objective we're setting ourselves will be achieved if there is no doubt about it but.