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Ministry of economic development of the Russian Federation

Maxim Reshetnikov introduces key areas for working together after the pandemic to Asia-Pacific businesses

12.11.2021

Minister of Economic Development Maxim Reshetnikov participated in the APEC Leaders' Dialogue with representatives of the forum's Business Advisory Council (BAC) on Thursday, 11 November.

The event, which brought together government and business leaders from the Asia-Pacific region by videoconference, focused on stabilising trade and economic activity and the prospects for the region to follow a sustainable, inclusive, innovative growth path.

In a discussion on combating the crisis in the economy, public sector representatives highlighted efforts to support small and medium-sized enterprises, which account for about 97% of all businesses and more than half the workforce in the region. Maxim Reshetnikov reported on the efforts made by the Russian side as part of the implementation of the Nationwide Economic Recovery Plan. "We provided direct financial assistance and reduced costs to businesses. We helped save more than 35 billion dollars - to save jobs, to pay salaries," the head of the Ministry of Economic Development said.

For the next year, the minister identified the growth of entrepreneurial income, the creation of transparent and clear working conditions to attract investors and the increase of exports as the main objectives. The development of the Eurasian Economic Union's integration ties with regional partners should help to promote these areas. "We need to intensify the exchange of best practices and to converge approaches to developing economic integration. Initiatives by economies to explore provisions in trade agreements on small and medium-sized enterprises, e-commerce, competition and investment are a significant help in this," Maxim Reshetnikov stressed.

Parties to the Dialogue also confirmed the importance of cooperation on the climate agenda. They agreed on the need for timely adaptation of sectors, government systems and infrastructure to achieve ambitious climate goals, while maintaining a balance with national economic priorities. The need to coordinate public-private efforts in light of the global energy transition was highlighted.

The development of specific support measures and joint steps to address the crisis in the region will continue during the APEC Leaders' Summit, scheduled for 12 November.

APEC BAC was established in November 1995 to improve the effectiveness of interaction between government agencies and the business community.

The Council consists of three company representatives from each APEC member economy. In 2019-2021, OOO Kompaniya Bazovyy element ("Basic Element" Company), the Management Company of the Russian Direct Investment Fund and VTB Bank joined the BAC on behalf of Russia.

Source: Ministry of Economic Development of the Russian Federation



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