Russian authorities record strong economic recovery and investment growth after covid-19
2021-07-28 12:14

Russian authorities record strong economic recovery and investment growth after covid-19

The Russian economy in June exceeded the pre-summit indicators, positive dynamics is observed not only in many sectors of the country, but also in exports and investments, Russian Economic Development Minister Maxim Reshetnikov said at the summit "Russia - Islamic World: KazanSummit - 2021".

"In June, the Russian economy exceeded the pre-pandemic level compared to the fourth quarter of 2019: plus 0.1% fiscal to the peak that was before the pandemic. Moreover, the pace of recovery is good - economic growth is coming from an overwhelming number of areas: manufacturing - 9%, construction is growing, agriculture, other areas. The only thing that has not yet recovered is mining. There are limitations related to OPEC+, but there is good news in this area as well," Reshetnikov told a session of the Machine-Building Cluster Forum.

According to the minister, positive dynamics are also observed in exports and investments.

"(The growth - ed.) of investment to the level of the first quarter of 2019 was plus 5.6% . For exports, especially for non-energy non-resource exports, by 2019 - more than 9%," he said.

The head of the department stressed that the Russian economy is facing the task of reaching the trajectory of sustainable growth. "To achieve this, we have a lot of efforts to make, to continue the policy to stimulate investment, which has been pursued in recent years. Here we continue our efforts related to many areas: development of preferential regimes, 39 special economic zones operating in Russia... We are actively encouraging our foreign partners to have a closer look at this mechanism, which gives the opportunity to invest and start production quickly and efficiently, with the support of regional authorities," he added.

The Russia - Islamic World: KazanSummit 2021, an international economic summit of Russia and the OIC member states, is taking place in Kazan on July 28-30. The summit aims to strengthen trade, economic, scientific, technical, social and cultural ties between Russia and the OIC member states. The leitmotif of the Forum in 2021 is conscious consumption; the key topics of the business programme include partner finance, the halal industry, youth diplomacy, medicine, sport, creative industries, export development, entrepreneurship and investment. The venue of the event also hosts the Russia Halal Expo and the Mechanical Engineering Cluster Forum. In 2019, the summit was attended by 3.5 thousand delegates from 72 countries and 38 regions of Russia. This year, more than 2.5 thousand people from 60 countries are participating in the summit.

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Author: Karina Kamalova