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Medvedev Says Russia Needs Better Business Climate

President Dmitry Medvedev says foreign investment is essential to "modernize" Russia.
President Dmitry Medvedev says Russia needs a better business environment to help attract foreign capital needed to spur modernization.

Medvedev noted that foreign investors had pulled out 36.8 billion euros ($51.6 billion) from the Russian economy so far in 2011, according to an estimate by Russia's Central Bank.

The sum is already three times higher than in 2010.

Nearly all attempts in the last decade to remove investment hurdles in Russia have failed, Medvedev told a meeting of his governing United Russia party in Krasnodar.

Quoted by Interfax, Medvedev said Russia needed "good public officials and practical standards, just like in civilized countries."

"Good laws alone are not enough. That's an illusion."

compiled from agency reports

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