On February 21, Russian President Vladimir Putin said Russia needed a management mechanism to regulate Western companies' desire to return to the Russian market, ensuring that domestic enterprises do not lose their competitive advantage.
We can manage the return to the Russian market of enterprises that want to return, by creating favorable conditions for domestic producers, TASS quoted President Putin as saying at the Future Technology Forum held in Moscow on February 21.
After Russia launched a comprehensive military campaign in Ukraine in February 2022, hundreds of Western companies have withdrawn or reduced their operations in Russia. However, recent negotiations between Russian and US representatives in Saudi Arabia have mentioned the restoration of economic cooperation.
I ask the government to think about how we can regulate the interaction between Russian businesses and competitors, Putin said, describing the rules as smooth and cautious, but necessary.
Deputy Prime Minister Alexander Novak told TASS that foreign companies will only be allowed to return to Russia if it benefits the country.
"Foreign companies and investors returning to Russia can only be done when there are provisions in our favor. We must act entirely on our national interests. Many vacant positions have been held by Russian producers or partners from friendly countries; it is important to take this issue into account," said Mr. Novak.
Mr. Novak emphasized that the mastery of technology will continue, despite changes in the external context. The development and application of advanced domestic technology, especially in important fields, is a key factor for the sustainable development of Russia's key industries.
Meanwhile, Chairman of the National Duma (Russian House of Representatives) Vyacheslav Volodin said that members of the National Duma supported the Russian Minister of Industry and Trade's opinion that the departure of foreign companies from Russia had created great opportunities for the development of the national industry.
Russia is not "expansionally waiting" for foreign companies to leave the country to return - Industry and Trade Minister Anton Alikhanov told reporters earlier on the sidelines of the Future Technology Forum.
"The close-range decisions of foreign companies leaving Russia have caused the boomerang effect - they, not us, have suffered losses," said Duma Volodin. "Our industry has successfully adapted to changing conditions and achieved a good growth rate. This is demonstrated by the growth of economic indicators. It will be very difficult to return to our market right now" - Mr. Volodin noted.
Volodin said that the left-handed markets have been "held by Russian enterprises for a long time" and industrial output rose 4.6% last year.
