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SUEK’s CEO Vladimir Rashevsky speaks at Krasnoyarsk Economic Forum

29 March 2019
On 29 March, SUEK’s CEO Vladimir Rashevsky spoke at the opening plenary session of the Krasnoyarsk Economic Forum dedicated to the national competitiveness of Russia.

According to Vladimir Rashevsky, SUEK’s CEO, over the past 10 years, obvious success has been achieved in both the quality and complexity of the Russian economy. This view is supported by higher positions in various international rankings.

Vladimir Rashevsky feels certain that national progress and success largely depend on Russian companies, their performance and achievements.

‘Do large Russian companies think in terms of competitiveness? We can say with confidence that this is a clear focus in the strategic plans of large Russian businesses,’ SUEK’s CEO stressed.

Speaking about the potential competitiveness improvement, Vladimir Rashevsky noted the relevancy of a constructive dialogue between the state and commercial companies. ‘Government measures to support private investments are very important and the state structural policy is gaining pace,’ he said. ‘We strive to improve competitiveness and economic dynamics. Nevertheless, despite all our efforts, the result is far from clear-cut. We are lagging behind the average global growth rates in terms of GDP,’ Vladimir Rashevsky added.

In this regard, he believes that ‘shaking up the economy is our near-term goal. The government and commercial companies have all the necessary ambitions to achieve it’. National projects are assigned a special part. ‘We fully share the goals of the national projects and consider them to be an excellent basis, including for further improvement of state economic and structural policies,’ he said.

Commenting on the plans of the Russian government to stimulate investment and simplify regulation, touched upon by the Deputy Prime Minister Dmitry Kozak at the Forum, Vladimir Rashevsky noted the urgent nature of such measures and instruments and articulated that these incentives should not be complicated. ‘Simple things work,’ he emphasised.

‘Macroeconomic stability achieved in recent years has become a crucial factor in improving competitiveness of our companies. The most important things for us are low inflation and a moderately weak rouble exchange rate,’ Vladimir Rashevsky added. Unfortunately, these achievements have not yet been translated into cheaper capital. Indeed, the actual borrowing rates in Russia are higher than in other countries (+2-3 percentage points). According to him, this is the most important macroeconomic constraint on increasing the share of investment in GDP.

Speaking about the development of infrastructure, SUEK’s CEO said, ‘We are separated from the infrastructure sufficiency by hundreds and hundreds of billions of dollars of investment. However, this is the right investment.’ He believes that the central issue for business in relation to infrastructure is ensuring truly long-term and predictable tariffs.

Vladimir Rashevsky emphasised the lack of qualified personnel. ‘This has become a TOP-3 problem for business. The most severe shortage of personnel can be seen at obvious growth points, where large investment projects are implemented.’ The main reason for this is the underdevelopment of social infrastructure in those regions that experience noticeable staff shortage. ‘They have life, but lack quality of life,’ Vladimir Rashevsky briefed.

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