Translartion. Region: Russians Fedetion –
Source: Government of the Russian Federation – An important disclaimer is at the bottom of this article.
Alexander Novak took part in the board meeting of the Ministry of Economic Development
Alexander Novak took part in the board meeting of the Ministry of Economic Development
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Alexander Novak took part in the board meeting of the Ministry of Economic Development
At the meeting, the participants of the board of the Ministry of Economic Development summed up the main results of the department’s work for 2024. The priorities were identified as maintaining macroeconomic stability, mitigating risks in industries and increasing the potential for economic growth.
“Despite the ongoing sanctions pressure from unfriendly countries, our economy has demonstrated a high degree of resilience. Moreover, it has shown unprecedented growth rates. GDP growth rates in 2024 amounted to 4.1%, over the past two years – 8.4%. They were the highest in the last decade. The achieved indicators are higher than the global average and significantly higher than the growth rates of Western economies. In nominal terms, since 2020, Russian GDP has doubled and amounted to 200 trillion rubles at the end of last year. Budget revenues were doubled, and the share of oil and gas revenues was reduced. This indicates the diversification of the Russian economy,” said Deputy Prime Minister Alexander Novak, opening the board meeting.
Taking into account the current challenges, the work of the Government and the Ministry of Economic Development, in particular, is focused on solving three main tasks, noted Minister of Economic Development Maxim Reshetnikov in his report. “The first is ensuring macro stability. Together with the Bank of Russia and the Ministry of Finance, we are working on the interrelationship of monetary and fiscal policy,” he explained and recalled that this topic was discussed in January at a strategic session led by the Prime Minister.
The second task is to mitigate risks in individual sectors due to the consequences of tightening monetary policy. The third block of questions is related to the growth of the economy’s potential. “We estimate the economy’s potential at 3% per year and believe that this parameter is achievable,” the minister confirmed.
The head of the department emphasized the need for further support of investments in the regions and the development of existing support mechanisms. Thus, last year, special economic zones appeared in three regions (Rostov and Tver regions, Mordovia), and were expanded in seven. “A record 230 new residents came. There are 1,300 of them in total, which means that every fifth investor came last year,” he said.
With the support of the State Duma Committee on Economic Policy, the criteria for creating SEZs have been updated to allow for the development of individual specializations. The entry threshold for investments in technical sovereignty projects has been lowered. The ban on residents pledging lease rights to state-owned land has been lifted so that investors can attract loans at the construction stage.
The first stage of work on mechanisms that help build infrastructure for investors has been completed. “This year, the task is to restart them, preserving the main principle: to focus on projects that have effects for the economy. They will generate taxes, not costs,” added Maxim Reshetnikov.
“We will continue to improve the business climate: reduce costs and barriers within the framework of the TDC [transformation of the business climate], reengineering the rules of industrial construction, regional and municipal investment standards. Now, together with the Agency for Strategic Initiatives, we are restarting the national business model,” the minister said.
Speaking about other priorities for work in 2025, the head of the Ministry of Economic Development emphasized the importance of developing state statistics. A large-scale project has already been launched to digitalize statistics, collect information, and combine data with departmental systems. The task is to create a single digital statistics platform, take all interactions to a new level, reduce data processing time and the reporting burden on businesses, he noted.
Another important area is the OKVED reform. A law has been passed that assumes that the OKVED code will not be what the enterprise once determined during registration, but will reflect the real economic structure of its activities. A lot of interdepartmental work is ahead to switch to the new system. “This is important for the formation of adequate statistics. On the other hand, we will receive an instrument of mass support for enterprises,” the minister said.
“The Federation Council has developed very productive relations with the economic bloc of the Government. We meet almost weekly to discuss further measures to ensure the stability of the financial sector and various sectors of the economy,” said Deputy Chairman of the upper house of parliament Nikolai Zhuravlev.
“There are many joint issues on the agenda of the relevant committees of the Federation Council. Among them are the implementation of the Strategy for Spatial Development of Russia, support for long-term investments, and reduction of the administrative burden on business. And of course, the key task for the Federation Council remains the work on improving the investment climate in the regions,” he added.
Chairman of the State Duma Committee on Economic Policy Maxim Topilin, in turn, noted the importance of the extensive legislative work carried out by the Ministry of Economic Development. As an example, he cited the law on creative industries, on technology policy, and changes to the law on concessions. In addition, according to him, existing support measures need to be accumulated within a single Internet platform, similar to government services.
“Even seven or eight years ago, government services existed, in essence, in the form of a description of certain administrative regulations. Today, most of them can be obtained electronically. For business structures, it is necessary to set the task of creating similar access to the full range of support measures, everything related to preferential regimes,” the deputy said.
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