The President of the RSPP Alexander Shokhin gave an interview to RBC TV

In the opening remarks, Alexander Shokhin stressed that the leading Russian companies occupying the RBC rating’s top positions are members of the RSPP, emphasizing though that the rating is objective and accurate.

He said that the materials sector would continue to form the backbone of the Russian economy in the short run. Dynamic development of the sector should give an impulse to the import substitution and innovative business.

Mr Shokhin told that the dynamics of all the industries’ companies (including oil and gas, metal industries etc.) are bound to decline and that is for a fact. The Central Bank’s recent economic outlook says positive growth rate is highly unlikely. A positive scenario is expected to come true in 2017 only, i.e. economic growth recovery. “We would like to see IT, agriculture and processing industry companies to lead the way and be among the first” -, he said.
He also added that diversification of the Russian economy is a kind of result from a decline in the global oil prices, drop in export capabilities due to turmoil in Chinese markets, recession in the European economy, sanctions etc.

Mr Shokhin also touched upon the State’s involvement in the economy as an “entrepreneur”.

“In the crisis situation, the State should focus on carrying out regulatory functions, promoting competition, fighting monopolism and creating conditions for SMEs by making requirements to the private companies more lenient”. “If the State participates in the national economy as an “entrepreneur” it has no resources, time and strengths to optimally play a role of regulator” -, he said.

In conclusion, Mr Shokhin suggested that a growth in number of private companies is unlikely and that the State-owned companies are much less profitable in the crisis period.