Good afternoon, dear ladies and gentlemen,
I am happy to welcome the participants of the Moscow Financial Forum. This year it is being held in the online format. I am sure that, regardless of the coronavirus, such form of communication will become more and more widely spread. Digital technologies are rapidly changing our life. Electronic services compete with non-digital ones. And, in many cases — they begin to win.
For the global economy, this year has become one of the most difficult ones throughout the recent decades. The economic decline was brought about by a double shock. Both on for the supply — due to restrictions and temporary disruption of the production ties, and for the demand — due to the need to comply with the social distancing requirements, reduction of employment earnings, and drop of the consumer confidence.
Despite any negative forecasts, the decline in Russia proved not so deep as in many countries of the world. And the recovery processes are even more dynamic. First of all, this is thanks to the timely decisions on the part of the President and actions of the Government. And, of course, thanks to professional work of many representatives of the business community — including the financial sector.
The Government has promptly taken several steps to support the business, and to reduce its expenses during this difficult period. Deferrals have been granted in respect to tax payments, social contribution payments, property lease payments, and disbursement of loans. A moratorium on checks has been imposed; licenses and permits have been extended. Arrangements have been made for provision of preferential loans to small and medium businesses as well as to systemic companies. Steps are being taken to support the most affected industries.
For three successive months — after a considerable reduction in April — the consumer demand, the retail turnover, and the overall production in the processing industry have been restoring. The situation in the labor market remains stable as well.
I am sure that issues of the economic policy in the new reality and return of growth will today become a subject for an interesting discussion.
The Russian Government now has clear directions as to where to move further and where it is important to concentrate the main effort. The President has defined national development goals for the nearest decade.
We will have to start a new investment cycle. For this purpose, for example, we intend to create a complex mechanism to support major investment projects including those based on investment protection and promotion agreements. We need to promptly complete creation of the legal and regulatory framework.
Also, we intend to restart development institutes; to integrate them to a higher extent in the nationwide agenda, and to create new tools to support promising lines of activity.
To further improve the business climate, the bankruptcy institute and the corporate management will be upgraded. Thus, for example, there will be a possibility to hold shareholders’ meetings in the online format. A shared digital space will appear in the construction sector.
And, of course, Government will continue to help in the development of small and medium businesses, to support the entrepreneurial initiative. This is important not only for development of the economy in general, but for raising the income and standards of living of the people.
Colleagues, I am sure that our joint effort will allow implementing all these plans successfully.
I would also like to take this opportunity to congratulate you on the professional holiday — the Day of the Financier. My congratulations to all who work in the financial markets and manage the cost-benefit.
I wish successful working to the participants of the Moscow Financial Forum!