PSB is ready to participate in efforts to strengthen the economic stability of the North Caucasus regions and to unlock their investment potential. This was announced during PSB head Petr Fradkov’s Caucasian Investment Fair, which is currently held in Mineralnye Vody, the bank’s press service reported.
Speaking at the plenary session, “The economic potential of the North Caucasus Federal District. In the conference titled “The Role of Investments in the Development of the Macro-Region” organized within the framework of the Caucasus Investment Fair, the PSB President evaluated the opportunities for the development of small and medium-sized enterprises in the North Caucasus Federal District.
He noted that favorable conditions for business development are created in the regions of the North Caucasus Federal District, including through the use of state support measures, and entrepreneurs themselves are positively inclined to conduct and expand their activities. However, the limiting factor is the limited banking infrastructure as well as the associated low availability of finance and lack of customer knowledge in terms of financial literacy.
Fradkov emphasized that the PSB is ready to fully participate in the work of removing these barriers in order to strengthen the economic stability of the district regions and reveal their investment potential.
The head of the bank recalled that the PSB has been measuring the mood of small and medium enterprises for several years – according to him, this segment is the most indicative in terms of processes occurring in the business environment. Thus, for the first quarter, the RSBI index for the North Caucasus Federal District was 53.4 points, while the average for Russia was 51.1.
“Entrepreneurs feel that the environment and conditions created will allow them to develop further. On the other hand, a situation arises that takes into account the problems in the financial sector: one of the four blocks that we evaluated in the composition of the RSBI – the availability of finance – more often in negative territory, ”said the reporter. Head of PSB.
And there is a paradox here, according to him: there is demand, there is interest, accessibility must be improved.
“We are ready to deal with it – this is one of the big, important issues. At the same time, I would like to note that the state support infrastructure, which creates a certain positive and condition for business development, is maximally implemented, ”concluded Petr Fradkov.
The press service of the bank noted that during the fair, PSB representatives held a series of meetings with regional heads, signed agreements to develop the economy of the North Caucasus Federal District, and took part in discussion platforms. Their attitude to support small and medium enterprises in the North Caucasus Federal District.