17 June 2004 06:05
Russia`s economic growth will be complicated by competition -
Vneshtorgbank head
MILAN/MOSCOW. June 17 (Interfax) - Russia will have to complete the task of doubling its economic potential by 2010
under conditions of increasing competition for global markets and all types of material and intellectual resources,
Vneshtorgbank Chairman Andrei Kostin said.
"Last year, the bank's assets grew by almost 60% and are now over
$10 billion. The rate of growth in our bank's credits to the non-
"World experience indicates that mobile and flexible innovative economies prevail under such competition. On the
other hand, economy systems that are oriented towards developing the primary sector, which is chiefly the raw materials
sector, cannot effectively compete with postindustrial economies and play a significant part in the modern world,"
Kostin said at a Milan conference dedicated to the development of Russian-Italian cooperation in investments.
Commenting on the prospects of Vneshtorgbank's development, Kostin said that over the last two years,
Vneshtorgbank has taken the leading positions in Russia's banking system in a number of categories, including the
rate of growth in its credits and its resource base.
financial sector of the Russian economy in 2003 surpassed the same value of the whole banking system by almost 150%,
and the amount of these credits increased by 70%, and is currently over $5 billion," Kostin said. [RU EUROPE EEU
EMRG ASIA ECI BNK] aa tj
[Interfax] |
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