Despite facing significant sanctions, Russian President Vladimir Putin affirmed on Friday that Russia continues to be a pivotal force in global trade. Speaking at the St. Petersburg International Economic Forum, Putin outlined ambitious plans for Russia's $2 trillion economy.
Highlighting the shift in trade dynamics, Putin revealed that nearly 40% of Russia's external trade is now conducted in roubles, marking a substantial decline in transactions using U.S. dollars, euros, and other Western currencies. He emphasized the country's strategic move to enhance the use of non-Western currencies in trade settlements, particularly those of BRICS nations.
\"Last year, the share of payments for Russian exports in the so-called 'toxic' currencies of unfriendly states halved, while the share of the rouble in export and import transactions is growing – it is approaching 40 percent today,\" Putin stated.
Underlining his vision for economic resilience, Putin called for a significant reduction in imports by fostering competitive domestic production and boosting investment in fixed assets by 60% by 2030. He also proposed relocating major company headquarters outside Moscow to stimulate regional growth and addressed the need for enhanced professional education to mitigate labor shortages.
Additionally, Putin projected optimism for Russia's financial markets, aiming for the Russian stock market to double in value by the end of the decade, targeting a valuation that constitutes two-thirds of Russia's GDP.
With trade relations strengthening, particularly with Asian partners, Russia is positioning itself to navigate the evolving global economic landscape effectively.
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Putin says Russia remains one of the key participants in world trade
cgtn.com
