In Russia, it is necessary to create motivation for enterprises to invest in production. This was stated by the President and Chairman of the Board of Directors of Sberbank, German Gref, at the Financial Congress of the Bank of Russia in St. Petersburg.
According to him, this requires the effective operation of state institutions, which he calls key.
“If we are talking about investment resources, everything is very good with our investment resources, we are self-sufficient in this sense,” said Gref.
He noted that first of all, we are talking about the protection of property rights. According to him, the Russian business community is again aware of how important the work of various institutions in the financial sector is: will they protect the rights of each owner?
“Today the issue is very serious; sometimes such basic institutions as the statute of limitations (business ownership – ed.), the institution of bona fide purchase and even the institution of collateral, which is always and everywhere considered “sacred”. “The ‘cow’ is being questioned,” said Gref.
The head of Sberbank stressed that in this situation banks and borrowers are helpless. He also added that if the rules of the game are clear to everyone, the business world will invest in the development of production and technology.
He also described the existence of competition in all sectors of the economy as one of the important factors. The rest, according to him, is an applied problem. Gref explained that the country’s economy now experiences a bias in funds towards public investments, which are 1.5 to 2.5 times less effective than private investments.
“We are at this stage of awareness and we have a good chance of building the right growth policy only through these fundamental external factors,” the head of Sberbank said.