This is one of the results to come out of a survey of 158 of the biggest foreign companies working in Russia. Trade and Economic Development Minister German Gref presented the results of the survey, conducted by the Consultative Council for Foreign Investment, to President Vladimir Putin.
The survey gives a considerably different picture to that provided by a similar survey carried out four years ago. Respondents at that time listed security concerns, different application of the law from one region to another and high tax rates as the biggest problems facing investors. Today, however, foreign companies name corruption, administrative barriers and contradictory laws as the biggest obstacles to increased investment. The problems named by foreign companies coincide to a great extent with those cited by Russian companies in similar surveys.
Mr Gref said that in its work on the medium-term economic development for the country, the government will take into account the results of the survey and will put in place mechanisms to resolve the problems that make Russia less attractive for investors.