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Minister Elvira Nabiullina attended the IX International Investment Forum "Sochi - 2010"

17.09.10

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Investment in fixed assets in August grew by 10.9% - Nabiullina
Sochi. September 17, Interfax. Investment growth in fixed capital in August 2010 grew by 10.9% when compared with August 2009, the head of the Ministry of Economic Development Nabiullina told reporters at the investment forum in Sochi.

With purified seasonality, she said that investment growth was 4.3% when compared with July.

E. Nabiullina noted that investment showed significant growth after stagnation in July, and “we hope that this growth will continue."

 On the other hand, she said that in August there was a decrease in retail turnover by 0.5% with purified seasonality in comparison with July. In her opinion, this is a temporary phenomenon which might be associated with an increase in food prices due to the heat waves. According to her forecasts the growth of retail trade in the coming months will resume.

The growth of Russian GDP for 8 months was 3.7 percent - E. Nabiullina
Sochi, September 17. PRIME-Tass. - Growth in Russian GDP in 8 months 2010 was 3.7 percent Elvira Nabiullina, the Economic Development Minister told reporters at the International Investment Forum "Sochi-2010".

As reported by E. Nabiullina, in August, taking into account the purified seasonality, the industrial output grew by 0.1 percent, when compared to August 2009 – an increase of 7 percent. Speaking about the results for August, she noted that "it’s not bad, considering that in June and July the values were negative”. The main contribution to industrial production, according to her, was the processing industry (growth by 0.5 percent, taking into account the purified seasonality).

Also good results in August showed investment in fixed capital: an increase in August, taking into account the purified seasonality was 4.3 percent, when compared with August 2009 - an increase of 10.9 percent.

Strong growth is also noted in construction by a 1.7 percent increase, taking into account the purified seasonality after the negative performance of July.

The most significant drop was noted in agriculture, which had a 9.6 percent decrease in August, taking into account the purified seasonality. In addition, the turnover of the retail trade declined by 0.5 percent.

The Ministry of Economic Development intends to take all measures to reduce food prices in order not to resort to legislative restrictions – Nabiullina.

Sochi, September 17. PRIME-Tass. – The Ministry of Economic Development intends to take all possible measures to reduce prices for certain kinds of food, in order not to resort to a legislative restriction of prices. This is what Economic Development Minister Elvira Nabiullina told reporters at the IX International Investment Forum "Sochi-2010".

E. Nabiullina recalled that in accordance with applicable legislation the Ministry of Economic Development has the right to freeze prices on certain goods if the price for them in a particular region grew by more than 30 percent in a month. "This tool is provided by law. I believe that we should use it only as a last resort, and that all measures should be taken to avoid such a predicament", the minister said.

She noted that the main reason for the growth of the price of some types of food, including buckwheat in some regions, were reduced harvests and high demand from the population, which was caused by a misunderstanding of the situation. "The first thing that we have to do is saturate the market offers", said E. Nabiullina, explaining that it is necessary to establish inter-regional flows, encourage imports, as well to create an incentive for owners to sell their raw materials on the market. In addition, E. Nabiullina acknowledged the necessity to apply measures of antitrust regulation in order to eliminate the tendency of individuals to exploit the situation to their advantage.

The Ministry of Economic Development will propose measures to strengthen control over non-procedural actions of the police during inspections of medium-sized businesses. Sochi, September 17 - Prime-Tass.

The Ministry of Economic Development intends to propose measures to strengthen control of the Prosecutor General's Office over the non-procedural police actions during the inspections of medium-sized businesses. This is what Economic Development Minister Elvira Nabiullina told reporters at the International Investment Forum "Sochi-2010".

E. Nabiullina recalled that earlier the Ministry had taken measures to reduce the administrative burden and reduce the number of audits for small businesses. Recently, however, according to the Ministry of Economic Development, "unfair inspections" had moved from the small to medium-sized enterprises. "Mostly it was done by militia", the minister said.

"We will propose measures to strengthen the control of the Prosecutor General's Office, as many checks are carried out without the consent of the Prosecutor General's Office", said E. Nabiullina. She added that the taking of measures against inspection bodies which violate the law will not be excluded. Furthermore, Nabiullina noted the necessity to increase support for small and medium business.

Sochi, September 17 - RIA Novosti. - Funding to support small businesses is inadequate despite the fact that it helps to solve some of the problems, said Economic Development Minister Elvira Nabiullina at a business breakfast at the International Economic Forum "Sochi-2010".

"We allocated 24 billion rubles this year, but even so the amount that goes to supporting small and medium-sized businesses is not enough", she said.

At the same time, the Minister noted that with the help of government guarantees, which are part of the overall support to small entrepreneurs, small businesses were able to get loans for 100 billion rubles.

Several other measures have also been taken, the minister said. For example, the coordination of audits of various regulatory authorities with the prosecutor's office has significantly reduced the pressure on small businesses. Also the regime of cash registers was facilitated and last year 250,000 units were taken off the register.

In addition, low connection fees to the power grid have attracted 19% of small business of the total number of registered businesses in the past year, said Nabiullina.

According to her, for small and medium-sized businesses, there now operates a procedure for preferential privatization, with15 thousand companies having already benefited from this right. "However, it is less than 0.3% of the total," - she pointed out. Another measure, according to the minister, which allows a person to develop small businesses, is the government order, but this sector still remains very corrupt, and both small and big business suffer from it.

In general, according to Nabiullina, at present the number of small and medium-sized enterprises in the economic structure is 20%. The goal is to double this number by bringing it to 40%; and according to the minister, this should be attainable in the near future.

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