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Putin vows to modernize economy, improve business climate


14:00, December 22, 2011

MOSCOW, Dec. 21 (Xinhua) -- Prime Minister Vladimir Putin on Wednesday pledged to launch a re-industrialization and modernization program in the country and allocate 43 trillion rubles (1.36 trillion U.S. dollars) to the national economy by 2015.

Addressing the Business Russia forum, Putin said the government would change the structure of the Russian economy and create some 25 million jobs in three years.

Putin said the government is seeking to accelerate the national economy's growth to 6 to 7 percent annually and join the list of the world's top five economies over five years.

The prime minister pointed out that global capital markets have shrunk considerably due to the economic situations in Europe and the U.S. He said that he has ordered changes in the government's fiscal policy in a bid to offer opportunities for domestic investments.

"We must turn the (capital) flows to the high technological and processing business," Putin said, adding that otherwise Russian economy would remain rely on raw materials export.

Putin also ordered the government and Business Russia Association to draft a National Entrepreneurs Initiative -- a road map with the aim to render the business climate in the country competitive.

He added that the new policy would be drafted taking into account Russia's membership in the World Trade Organization (WTO) and integration process within the framework of the post-Soviet Common Economic Space and Eurasian Economic Union.

Putin also promised the government would continue its policy of securing a stable ruble exchange rate and a low inflation which is a bit over 6 percent in 2011, as well as of guaranteeing free capital flows.

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