16 April 2014, Wednesday, 16:02

Euromoney magazine published the article by Rustem Khamitov "Moving Forward"

author: Elvira Latypova

The article by the President of the Republic of Bashkortostan Rustem Khamitov «Moving Forward» is published in a special report of Euromoney magazine. The article is focused mainly on potential investors, on priorities of the state policy in economic sphere, on issue of the international prestige of the republic.

Bashkortostan President marks that in 2013, regional economy outperformed the Russian Federation average across the board – and, most importantly managed to raise quality of life of republican citizens. The demographic situation is improving. "We count this increase in population as our greatest achievement of the past two decades", it is said in the article.

Among key industries oil extraction and refining, petrochemical and chemical industries, mechanical engineering and agriculture are identified. One of the key planks of the strategy for developing both the chemical and petrochemical industries is the establishment of business clusters. It is marked in article the state support of companies participating in such projects through the use of administrative resources and tax incentives. Similar incentives are used in mechanical engineering and agriculture.

Products of oil refining and chemical industries are mainly exported abroad. Imports are 7.9 percent of the foreign trade turnover of the republic. According to Rustem Khamitov, the foreign trade must be balanced by "an increase in imports of goods such as machinery and parts".

Although foreign direct investment in Bashkortostan economy is increasing, overall levels remain low. Total inward investment in 2013 amounted to over $300 million. “We would like to see much higher numbers than this, which is why we are implementing a proactive policy of attracting external investors", the President of the republic underlines in the article.

To activate the investment process, it is necessary to improve the international prestige of Bashkortostan. The republic is widely known only in the oil and oil refiners sectors so far. International events held in Ufa give a good opportunity to raise the republic’s recognizability.

Text of the article in the Russian language is published on the official website of the President RB.