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24 February 2013

Russia to cut red tape to boost investment

Under the title "Medvedev Cuts Red Tape to Boost Investment in Regions", the Moscow Times dated 18 Feb. reports that Prime Minister Dmitry Medvedev has ordered the government to find ways by 14 March to "reduce bureaucratic obstacles to regional investment amid a drive to boost regional economies." A key measure requires the Economic Development Ministry to draft proposals to abolish the superfluous powers of the regional branches of federal agencies that create obstacles to investment. The key obstacles to investing in Russia are workers' poor knowledge of English, red tape and corruption, according to a survey of 195 foreign top managers by the Economist Intelligence Unit. The research was carried out in May on behalf of aluminum giant RusAl.

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