small business i'm show business i'll see if. rush's minister of economic development mike seem thank you very much and welcome back to our team. my first question might sound a bit unusual but how does it feel to be someone who always finds himself in a position where he has to defend the ruble surely what in the deal it's a good friends the ruble is the system of market economic incentives that were. created in russia in the past several years we are collecting of them every day it's the inflation targeting is the new fiscal rule mechanism which is only it's rational from the blitz you could see it on the global commodity markets and this

is what's in the deal if you protects the russian currency makes it more stable because if you compare the cut institutionalization of twenty which you we have as if that put it at that point of time we have capital of those because of the sanctions stocks we have sharp decline in oil prices it's even the force of that is what's happening in the autumn with tweens you put you in but the difference is really dramatic at that point of them it was extremely well to have financial markets which were infecting the mystic when they meet these time by the fed that we have full of floating exchange rate because previously bill currency would have previously able financial markets which are not on the big stress and that helps economy going forward and they're leaving steeple the kind of girls i would

just like to explain really quickly to our viewers that i was lucky to have a conversation with the minister in september and i wasn't the only journalist by far who was asking mr rushton about the russian currency but today the ruble is about six percent weaker then you predicted back then so what is going wrong with the forecasts will. first of course the thing that is impacting the russian currency next year all come what it sequin is across the globe is the fact that the oil prices declined substantially manilla talking with you in september as far as i remember the oil price was i don't. know it's if you look at the bread price it's fifty five so it's you know dramatic change here and we have that in the same period of time soon september robel has appreciated at that point of time when we were talking to you we say you in the global was trading against you is the as

far as i remember it was above seventy rubles put it put a little now we have sixty six sixty seven with a. little bit of volatility here a little bit of what you there but once again you spite sharp decline in oil prices ruble chris appreciate that so it's still there are no reasons to change the forecasts well once again we have created a broad set of market economics institute's bet working lead to the true work and this is the kiddies i'm behind a long term stability of the national congress and this is the big difference competing with what we have prior to doing. i understand that you don't like talking about these kind of things perhaps as officials and people who are in charge of the economy but my first question was psychological so

to say so i just wanted to ask you a few at some point realize that the ruble is in real trouble will you ever come out and say stay away from it to the journalists and the public will you dare to do that i believe was spending too much time discussing the issue of the currency it's not that important anymore what we should do more talk more about. it's actually the structural changes which are helping the real economy industries which are doing better the industries which are doing hold the services sector how the digitalisation process going on this is what really important in the you know the future the financial markets we should you know switch from the. talks about what's happening. in the current situation but of the longer term situation towards the fed to us which a key for the. we will definitely move on to that but can you please answer that question specifically will you be able to do that well first of all where we have

the central bank who's in charge of the fix market and the central bank has highlighted that we have switched to the full you for wishing room and as far as i know they do not plan to change anything the u.s. china trade war has and hasn't begun at the same time as we found out after the meeting of president trump and mr xi jinping in point of this so how likely is it that at some point we'll realize that the drums of the trade war were fake possibly or the current leaders of these two countries are just good negotiators well they're not fake because if you look at the figures you will see a substantial lead sheets year in the void himself exports from the united states to train or from the united states if you look at the then the mix of the chinese economy you will see that there is and the impact of that story on the chain and

that means that there is a big compared to the global economy which is doing much worse the computing was and what it was performing in the winter seventeen or even the beginning of this year so we definitely see. results real negative results for what was initially just talks but as leaders into its. related to trade barriers and that we can already visible negative impact on gross and on trade but these ninety days is this just a delay or it's an actual achievement will because if no it's usually it's achievement because. two sides are at the table and they discussing the issues between the two countries but. i believe that the overall negative impact will be present because starting that thing well it's like this

it dissolves. you know raising unpredictability of what will be happening in the future because in one thousand b.c. you know that we're talking about the largest take with them it's global and you hear a lot of. supply chains that connects the companies have a lot of from the west means that i meet with them those who got this and we're talking about just ninety base and it's not clear what will be happening after those ninety days so of course it would be a dramatic impact on the predictability with the economic agents for the companies which are working in both of the equipment so that you know in which we live and this is the deal it's here. which is already getting him back negative impact on the global economic situation so the world's two strongest economies have shown the importance of compromise can russia do

a better job when it comes to compromises during trade and economic and still well if you look at the actual statistics. you will see that the russian exports trade turnover to know or trade in goods trades in sort of us all is expanding in the past couple of heroes so that means that we're doing pretty good job and. we have plans in dipping integration of russia into the global economy deepening treat investment. overall economic relations with a lot of conflicts of course the globe and you have many politicians across the globe who are against this as far as i understand because new sanctions are looming and the old saying actions are being extended you know we look on the situation where we can then make relations with europe for example you will find you know you

can look at the political state there's a lot of talks a lot of buzz sanctions. but if you look at the figures you will find out that in the past two years they've treated over between russia and europe was growing double digit twenty three percent last year twenty one percent is what we are witnessing this year the. flows between because this is all sort of running double digit. if you look at the investment you will find out that russia was european guy that is are involved in a number of large skeel medium scale small scale but if you look at the large scale you play in the atomic uclear plants construction in hungary in finland you will see in those three mm projects going on you will see. growing competition at the border between the russian and the european union you will see of course cooperation and support from russia in the current plan of

increasing the it all. which was recently introduced by the euro commission so we have put a lot of areas in economic positions where we care for really put your results let's wait. some time and go where i started to talk about would be in the economic really. between the russia. and the european union so what we need to do going forward we need to concentrate on the me we have concentrate on those projects which. pushes you most for russia and for the repeal you know that is most of the projects. intreat in the vestments in the joint work you know to kind of logical cooperation a lot of this and of course. a list of tension to just the noise and bustle of the political. but if you go a little with some of the small countries which are most important for the quantum

of the whole european union are. the initiating the noise and we should be lists attention to that and more attention to the real economic projects while i think there is also some noise coming from the bigger countries too and the political figures there are making important decisions come across these words of yours rene saw in russia. are you sure we are there and renascence is the right word for you know that in the past couple of pigs that was in portugal i was in france but was having. a chipping in to go until commission between russia and those two contests and there was only discussion of joint projects that can do together so i don't know what kind of contest you mentioned when you're asking that question well i'm talking about the statements from senior political figures

which one. of the major powerhouses of europe and their leaders like ms merkel like mr macron i know the u.k.'s leaving the but i was there i was talking about continued pressure i was in russia i was in france last week and when we together. but it only met him. the ministry of finance and of course the no fronts giving the statement to the press after the meeting he was publicly that france will support the joint projects. particular and reports that because of the beacon of all but died in the first project human level injury that the government will provide additional guarantees support for those projects and so on so forth doesn't send a strong enough message to the people at the very top. i don't know i don't know but once again we are concentrating on the real economic projects that unite and

the device companies and those projects. boy you see if war people of russia people a few are up and the number of projects which we can go even in the coming years is tremendous so my view can you please name a couple will. go into the details if you pick any country portugal spain france germany italy all of the major equipments which are important or they would be new and you will see that there is growing relations between russia and those businesses from those countries russia in these investing in those countries in those countries and everything in the russia where trade more girls and treat is double digit so i believe that from this point of view should concentrate on the economic agenda and this is the most important thing as ordinary europeans and there are many of those among our viewers can you name some specific things that

they could be happy about or could be looking forward to when it comes to russia's involvement and what do you want to give them what exactly we have many viewers in europe and you are saying that europe needs to be happy about some of the business that you are door and or looking forward to taking with them just plain numbers the growth exports from the europe. in contrast to russia have increased more than thirty percent. during the past couple of years what does this mean it means that a lot of new jobs were created in different industries in europe of course it's not an agriculture because the sanctions story and colorful sections story still remain in place but there is a number of industries which benefited from increasing. sales of those goods which are produced in those countries to russian so this is the jobs this is the wages this is actually what is really important for people in all the european countries

to be him. geysers financial survival guide look what it does that you can ask quite easily. to keep in mind the place of. your. i certainly don't expect very many people will choose to be biologically. move your body to working for osa i mean if your mind isn't working for. i believe we will have pretty much no biologically old people we will have a much greater number of people.

some of russia's closer partners love talking about the idea of trying to somehow move away from international trade in u.s. dollars and also they're talking about ways to dodge american sanctions but i want to stay with the europe a bit more what do you think about their success and the progress in creating what they once announced as a special payment system to bypass american sanctions when it comes to trade with iran what you just have mentioned it's not what russia is talking about it's what europe was talking about europe was talking about the. process shifting towards more and more imports and you were in the global economy europe was talking about how to avoid u.s. sanctions which impact european businesses so it's not that there was that emerging

in the. it's talks and a real assessment of the current situation from europe and we are of course really radii to work and we work on different projects with all european partners because we believe that the u.s. sanctions is not the bolt put it it's about equipment it's about hurting economic. and businesses economies and businesses in europe it's would creating in the vitamin reach us companies we could be against european companies so that there's a boy europe is starting to understand that this is what is really hurting you've got them in development of europe and it's starting to working against it and of course we believe that this is a positive story also for russia and we need it to work with our european partners but isn't an assessment of their progress a good example of whether there's potential in that kind of switching to other

currencies and attempts to ditch the dollar so to say well there is a positive trend already if you look at the statistics you will find that the principle for russia the share of the dollar in the trade is declining we see progress with different countries with our neighbors we store a key was euro everywhere we see a declining dollar in terms of currency that sort of the trade. of course there are big issues like for example commodity markets changing situation here and changing the trading from the listen to euros will you know substantially decrease the shale dollars i believe that is one of the areas where we should work together because you know russia is not a the look on. europe is not you know dollar based countries but for somebody in the web creating energy sources in dollars so i believe that we should think about

. switching at least to you were at the scene which is more common for russians and for the europeans mr ashton your government body it's called the ministry of economic development what or who is the greatest enemy of the economic development in russia inside the country and outside the country will. if you look once again on you know just from the statistics you'll find though the do more with a few is one of the key challenges because of the those transferred to a form to ninety's over the previous century and the heating of the one they mean and we have a limited. supply of new labor coming into market so. solving the world's. interest will of course will be first of all hard and it will be a long lasting you know effect the fall of any meter that is implemented in this

area so this is one of the factors which is substantially limiting the growth story the second story is of course all the factors that are limiting investment that all of the barriers that administrative barriers that we hear all the when appreciation in different markets. a little of can be sown supports a lot of stories relation which is not for supporting us in some way in the street in this material so all of those things are limiting and there's meant that. once again limited government grows so on solving those issues so we are concentrating these days and outside. promoed say it i believe that. trade wars impacting the global economy and development is of course another good story not only for russia but a new i would say a new calling me even for the united states this is will be eventually having

negative feedback on the economy through high inflation through high pressure will freights a federal reserve of which will be forced to react to such and such a trend in the inflation then they mix so the. over the global trading system is one of the key and they get you from bets on the global agenda and the second one is of course on growing the slowdown. of the global economy due to the fundamental reasons i mean and the girls in the united states and the europe structural slowdown. in china and blow all blow up of the unsustainable growth models in countries like. and turkey mr rushton how has your ministry coped with the task of becoming the ministry of the future this is the definition that we heard from you once well it's pretty simple we need to make in the snow

which will impact the future of the country so when you propose ideas and you know music that will be having a long lasting impact so we're in now what ever the. business we're looking at what will be happening within two years three years five years from now what about the idea of russia's national export strategy on the website of your ministry it's been saying since twenty thirty that this strategy is being redeveloped well the news once again this thirty six you will find out that in the last five years the russia is expanding number of creators where it's becoming completely different than. skeel for example a coach explodes and we can both twenty billion potato chips but it's pretty year it's the record levels exports of services which you saw increasing substantially in your will and so on so forth so. the actual result in the in

the data which is which shows that involvement of russia in the global economy is increasing of what it was opec sports i would cite alone guess is expanding so agriculture you know industrial production services you know all of those areas would have applied to the next by looking at your own trips can we make any judgments of geographical priorities in washington economy you've just come back from japan for example well i mean personally i mean church better clean share of all the relations with a number of countries japan is one of them i'm a special representative of the president with the trade relations with japan we together with i would you please cut eggs doing i believe a pretty good job in terms of having economic relations between russia and japan

there was the plan that was introduced by prime minister sixteen there was a directions we started to work. under that plan and we have ongoing progress here like i've said if you look at the data trade to know where for example with japan they have increased by almost twenty percent this year completing was closed here for a new investments. has just entered the japanese financial markets so once again we had a deepening integration and. it was the whole global economy of course we each but you can look around you and with each country we can find those projects we choose beneficial for russia and will that come through any other destinations that you. an update us on your just name it and i will tell you what's what's happening there we strain. to exceed one hundred ten ten being in the the in the joint to know where it was from which you know there was

a team that went to france and usually had them to tokyo so there were two discussions on monday and tuesday and like i mentioned we have a already pushed of discussion on those investments which french companies are making in the russian and then just such a large project says. to kill injury or you know a cost of fighting that we could breed in breakfast once again with my counterparts but in the limit and i believe that the visit on ten really a large french company and the c.e.o. represent the whole level and when discussing the opportunities those with a need in this additional areas such as climate change and the g. fusion as you said innovations in the u s. this year has been a complete disaster for cryptocurrency mr rushton please say ten if you completely agree with that assessment or widen if you totally disagree numbers between one and

ten are welcome to at the end of the last year there was a lot of talks the car in the sea is the good going as far as i remember was a teaching of the levels of twenty thousand people on their own quinn. at that point of time the person i was collecting that this is the bubble it will explode and because they didn't problem was that alleged now before you many people were involved in that in the bubble and they suffered from it so what we see as a now is that. the bubble you know the price collapsed several times but what is good that that story has affected the little attention to new technology is have the. what a lot of companies to attract investment in those new technologies and eventually what we know from that effect will we see a police chief impact in terms of new technology for different types. of activities

for example this year we have introduced book change acknowledge here too you know real estate deals in one of the russian regions so we've implemented that the projects and it works pretty well so once again at tension that was attracted by that bubble like for example there's a bubble that we witnessed in the late ninety's to the communications you know at that point of time it was a bubble it attracted a lot of attention and a lot of investments and now in our everyday life we surely using the results of that investment boom that opened at that point up there so this is the same story it's of course has a negative impact especially if we look at the situation of the particular. you know. persons which are up in the west that into the into that bubble or to a high levels or that they might have a point to impact from bringing more attention to a new technology and bringing more investments than you can only dream that nations

so you won't give me a number from one to ten. and finally do you have a new year's wish and do you have anything to promise the russians ahead of this new year will promise from i say that we will be working as hard as they are working for the past couple of years and will be trying to do my best to make the life of well united russians better and i hope that the global situation will be helping and is that you know the real problem which is what we are facing in the body ticks in the pool in these these globally is that police station and the buzz of the kids have increased substantially politicisation within this is say he's bitten. yes and i hope that that politicization trend will reverse and the great that is that improving thinks and you know moving towards the future for humans and the wish for yourself. only look thank you very much mr ashton we

really appreciate your time thank you. for. joining me every day on the alex salmond and i'll be speaking to guests of the world of politics or business i'm show business i'll see you then.

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