Congress of the Russian Union of Industrialists and Entrepreneurs: the main thing

Photo: Maxim Stulov, Vedomosti

On April 25, the President of the Russian Federation spoke at the congress of the Russian Union of Industrialists and Entrepreneurs (RSPP). He noted the positive dynamics in the domestic economy based on the results of the past year. The head of state also spoke about further support for business from the state. The Russian Timber Association was represented by its first vice-president Andrey Goncharov.

On economic development

  • At the end of 2023, Russia’s GDP increased by 3.6%, and in the first two months of 2024 it grew by an average of 6%.
  • Vladimir Putin noted that the average monthly salary in real terms increased by 8.5% in January, and real disposable income in 2023 increased by 5.4%. At the same time, the country has a record low unemployment rate: the figure is now less than 3%.
  • Additional resources will be used to develop industrial mortgages and recapitalize the Industrial Development Fund by 300 billion rubles.
  • Vladimir Putin pointed out the need to increase industrial production by tens of percent in the next six years. New enterprises must appear in critical areas literally everywhere. The President also noted that the authorities intend to expand special measures to support business.

About business development prospects

  • Updated tax conditions with a fair distribution of the burden need to be fixed for the long term. The tax system in the country will be modernized to stimulate business development and investment. This is an important step to improve the investment climate.

Vladimir Putin, President of the Russian Federation: “Another important step to improve the investment climate should be the adjustment of the tax system. Now the government, business and public associations, constituent entities of the Russian Federation and parliament are working on this important issue, discussing the parameters of changes and preparing appropriate proposals.”.

  • The Russian government is preparing to launch a modernized regulatory guillotine mechanism. This will be the beginning of a large-scale stage of de-bureaucratization. Instead of hundreds and thousands of outdated regulatory documents, a compact list with clear requirements will appear.

About production development and personnel issues

  • The President of the Russian Federation emphasized that the country needs to have its own developments in critical technologies: Russia must increase the production of goods and services on its own technological base.
  • In the coming years, we will have to significantly increase labor productivity and develop digital platforms for the management model. Also, based on widespread automation, it is necessary to carry out an end-to-end modernization of industrial capacities.
  • It is necessary to work out ways to resolve personnel issues. Russia will experience a shortage of personnel in the coming years, and it cannot be covered by migrants.