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Words of Wisdom

 

  • Michael Milken, Chairman, Milken Institute:

    “The Russian government needs to involve as wide a circle of Russians as possible, and make them part of the financial system. Privatization should be a key factor in raising the availability of assets for as many investors as possible, not only for a small portion of society.”

     

  • Russell Napier, Strategist, CLSA:

    “Current monetary policy, with it’s focus on exchange rate targeting, would normally be conducive to a bubble in asset prices forming in the emerging markets. However the authorities are responded with a mixture of capital controls, credit controls and price controls which will probably succeed in preventing this outcome.”

     

  • Herman Gref, Chairman of the Board, CEO, Sberbank:

    “Russia has unique opportunities for manufacturing practically all commodities. Russia also has enormous ‘brain’ potential, although we should work on commercializing our own inventions and innovations.”

     

  • Sergei Sobyanin, Mayor of Moscow:

    “Business shouldn’t be subservient to power; we should be partners, following the same rules of the game.”

     

  • Alexander Provotorov, President, Rostelecom:

    “The main factor causing operators to enter different countries was that their operations were based in a certain country, and they had set business processes which they could export to other countries.”

     

  • Mikhail Shamolin, President, MTS:

    “Growth in the telecommunications sector has recently slowed, and there’s the risk that services won’t be driven by telecoms, but by content providers. So it’s unclear when the industry will reach a new level.”

     

  • Sergei Galitsky, CEO, Magnit:

    “Provincial cities are seeing budgetary growth. When we say there’s nowhere to work there, etc., this is likely the view from within the Garden Ring. This is totally untrue, and business is growing quite robustly there. Furthermore, some areas are more depressed and others more active.”

     

  • Boris Jordan, President, Chairman of the Board of Directors, Renaissance Insurance Group:

    “The privatization process should be fully transparent. One very important moment is upholding the law and protecting investors’ rights. Interest in Russian companies is very high. I don’t see any problems with selling assets.”

     

  • Zeljko Bogetic, Lead Economist for Russia, The World Bank:

    “It will be difficult to lower inflation without tightening monetary and fiscal policy from 2010 levels, since there’s plenty of liquidity in the economy.”

     

  • Ruben Vardanian, Chairman of the Board of Directors, CEO, Troika Dialog:

    “We’re currently facing several serious challenges: learning to look ahead in the ‘long’ horizon and planning in the long-term perspective, being successful and diligent in achieving the goals we have set, appropriately setting priorities, and, no less importantly, building effective partnership between government and business.”

     
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