Russian PM says domestic investment can be main source of economic growth

Source: Xinhua| 2018-12-06 21:21:36|Editor: xuxin
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MOSCOW, Dec. 6 (Xinhua) -- Russia's national economy can be mainly boosted by domestic investment, Russian Prime Minister Dmitry Medvedev said Thursday.

"A national economy can develop primarily at the expense of domestic investment which emerge as a result of the development of the domestic economy," Medvedev said in an interview with Russian television channels.

"We have a generally strong economy, an economy of a rapidly developing country. So we have to prioritize our own sources of development," he added.

According to the prime minister, Russia's gross domestic product (GDP) rose 1.7 percent year on year in January-October, which coincides with the latest monthly review of the Russian Economic Development Ministry.

Inflation in Russia is expected to stand at around 3.5 percent by the end of this year, close to the target of 4 percent.

"We need always to rely on the strength of our economy and on the processes which proceed in the industry and agriculture," Medvedev said.

Russia has solved the main problems of food security and is supplying world markets with various foodstuff, he noted.

The same also refers to the development of industry sectors, such as the defense industry and the pharmaceutical industry, where demand was stimulated alongside with the investment, he added.

Meanwhile, Medvedev said that foreign investment is a "secondary source" to the national economy and that Russia will create a better environment to attract more investment from other countries.

"Obviously we will try to preserve what we have done in the last few years, including the investment climate, and we will definitely improve it," he said.

Many countries have continued to invest in Russia, including not only Asia-Pacific countries, like China and India, but also the United States and European countries, which do not have the warmest relations with Moscow, said Medvedev.