‘Russia to enhance economic competitiveness in response to sanctions’

Moscow: Russia needs to improve the competitiveness of its economy on a global scale in response to Western sanctions, Russian President Vladimir Putin said on Wednesday.

“Supporting Russian businesses and expanding their opportunities is a major priority that has special relevance today as Russian companies face certain external restrictions,” Putin said at an annual meeting with representatives of the Russian business community.

In order to respond to these steps, the Russian economy needs an increase in its global competitiveness, which calls for accelerating industrial growth, promoting research and development, facilitating localization of production and developing new markets both home and abroad, he said, reports Xinhua news agency. (IANS)

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