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Putin vows to erase state capitalism in Russia

(Xinhua)

15:24, September 17, 2011

SOCHI, Russia, Sept. 16 (Xinhua) -- The Russian government would gradually shrink its participation in private economic sectors, Prime Minister Vladimir Putin told an investment forum here Friday.

Government participation would mainly focus on aviation, ship-building and some other industries in the future and, even in these industries, the government was not going to participate "infinitely," Putin told the 10th International Investment Forum.

"We are not going to build state capitalism. If we concentrate on some resources, we do it only to support the industry until the companies can stand firmly," Putin said.

Putin also promised to assist Russian businesses in purchasing foreign assets.

Meanwhile, the prime minister has admitted investment risks like corruption and business climate uncertainty in Russia remain high. But he still hoped foreign investors would not to be scared away.

"Don't be afraid of Russia. We as partners are civilized enough. We don't want to steal technologies. We want cooperation, full-valued and equal," Putin said.

Putin also mentioned Russia's healthy economic growth of 4 percent and promised the country would fully recover from the financial crisis in 2012.

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