SPIEF#2: Putin looks to FDI for Russian tech modernisation programme funds

Russian tech modernisation programme: Russian President Vladimir Putin yesterday used the opening day of the  St Petersburg International Economic Forum (SPIEF)  to put out a call for foreign investors to help finance  a major programme of technological modernisation. “Russia’s import substitution program has created strong enterprises that are capable of  successfully competing in the international market place,” he said. “We [now] intend to carry out serious technological renovation in order to increase their efficiency and that is why we are interested in attracting investment and modern technologies.” 
Foreign investors would be offered  long-term guarantees, privileges and other preferences in return  for their help in  boosting technological efficiencies  and setting up localised production facilities in Russia, he added. He also insisted that he had no plans to impose restrictions on the movement of  capital in or out of the country.

Source: sputniknews