Putin vows to strengthen liberal economic climate in Russia

Russia is not going to respond to the Western sanctions by closing off its market, but on the opposite, will improve business climate with greater openness and freedom, President Vladimir Putin said Friday.

"Russia will create the most possible liberal, predictable and transparent conditions for the investors," Putin told a session at the ongoing Saint Petersburg International Economic Forum here.

Putin stressed Russia wants to cooperate with everyone on the basis of equality, as Asia-Pacific and BRICS countries, as well as "traditional" western partners, are specifically mentioned as Moscow's primarily choices.

"I want to stress that active work with the new centers of global growth does not mean that we are intending to treat our dialogue with the Western partners less attentively. I am confident that this cooperation will be sure to continue," said Putin.

According to him, the wide cooperation with the Asia-Pacific region would contribute to Russia's Far East development project, as investors enjoy preferences and unique opportunities in Russian market.

Putin added that the ultimate economic task is to use Russia's domestic development potential in a more efficient and comprehensive way.

He claimed that the possibility of Russia stuck in deep economic crisis didn't become reality because Russian economy has "accumulated a high internal strength margin."

The foreign trade balance was positively maintained and the export of manufactured products increased, Putin said, adding that the Russian government is able to tame inflation and stabilize foreign exchange rates.

Moreover, the president promised the Russian government will not increase taxation on the business for four years, and suggested to introduce mechanisms on foreign technology transfer and domestic technology investment.

Putin also urged regional administrations to set up offices aimed to attract investment, and companies to modernize their management mechanisms and improve administrative skills.

The Russian economy has plunged into recession amid the drop of global oil prices and Western sanctions imposed over Moscow's alleged intervention in the Ukraine crisis, while the Central Bank on Monday warned that the bottom of economic recession has not yet been passed. Endi