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Mikhail Fradkov has suggested to the government session that particular attention be paid to Russia's financial market development
Russian Prime Minister Mikhail Fradkov has suggested to the government session that particular attention be paid to Russia's financial market development. "Financial markets are at the core of the Russian economy, and largely determine the growth in investment, economy and national wealth. Today we would like to consider ways of upgrading financial institutes and designing a whole financial system to provide solution to a series of issues," the prime minister said opening the government session. In his words, economy is faced with the tasks of industrial production modernization and innovation development. "Our production expansion is nothing but illusion without financial markets," he said. Besides, Mr. Fradkov named raising the market value of Russian companies among the priorities, as all Russian enterprises are ranked behind transnational companies, and therefore, there can be no normal competitive conditions. Moreover, Mr. Fradkov noted the small volume of Russia's financial markets, insufficient for investment exploration. "We are rated high and it encourages investment. However, the volume of our financial markets is insufficient for these funds," said the prime minister. He remarked that this was the first consideration of financial markets at a cabinet session after the administrative reform was launched. In his words, the Federal Service for Financial Markets had been provided with vast authority for regulating the securities market and in other relevant areas
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