Ildar Khalikov takes part in plenary session of the International Investment Forum Sochi-2014

On September 19, Tatarstan Prime Minister Ildar Khalikov took part in a plenary session of the International Investment Forum Sochi-2014.

Speaking at the session, Chairman of the Russian Government Dmitry Medvedev noted with regret that the Europe's policy towards Russia was unreasonably tough within recent months.

The Prime Minister said that Western countries stopped acknowledging the fact that Russia has its own national interests. “We are now ready to listen to our Western partners, provided that our partners learn to listen to our stance,” Medvedev noted.

Dmitry Medvedev reminded that Russia and Europe are important for each other. The EU accounts for nearly half of the Russian foreign trade turnover: more than 60 per cent of Russian foreign investments are deployed in the EU, accounting for almost 100 billion US dollars, and European companies are the leading investors in the Russian economy with investment volume of around 300 billion US dollars. Moreover, Russia remains a key energy supplier to the European consumers.

"Despite the sanctions, a door to Russia for Western partners is not closed,” he stressed.

He also urged not to take a Russia’s new strategy for the development of its relations with Asian countries as revenge on Europe. "This is the natural course of events and thoughtful response to the changing conditions of economic development", the Prime Minister said.

According to him, even under conditions of sanctions, Russia should continue the former course, developing its modern market economy.

"We will not change our course; we will uphold the main principles of our macro-economic politics - budgetary rule, fundamental principles of the taxation politics, fundamental institutions, flexibility of the currency exchange rate with currency interventions if necessary, targeting inflation rates, balancing the budget; all of them will remain unchanged," Medvedev assured.

“Russia’s national development course remains unchanged because an epoch of anti-Russian sanctions will sooner or later be over”, he said.

He continued that a sharp fall in the expenditure part of the federal budget because of non-favorable economic situation is possible. "But let me remind you that under the Constitution our country is a welfare state, and despite the budget constraints, we will never cut back our social obligations. All social obligations will be met by way of joint efforts of the federal center and regions,” Medvedev assured.

He pointed out that the situation with sanctions can and should be used for giving new impetus to developing the national food and pharmaceutical industry, as well as aircraft- and shipbuilding, rocket and space industry, radio-electronic sector and automobile manufacturing.

“Unfortunately, we have to take 'forced protectionism' measures that we would not have taken in other circumstances,” Dmitry Medvedev said.

He reminded that the Government will approve a two-year plan to promote import substitution in industrial and agricultural sectors by the end of September.