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Putin calls for clearer regulations on companies' acess to national economies

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Putin calls for clearer regulations on companies' acess to national economies

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At the opening of an international economic conference in the Russian city of St Petersburg, President Vladimir Putin has called for the introduction of clear regulations on foreign companies’ access to national economies.

Addressing politicians and business leaders from Russia, Europe and around the world, Putin said:
“We want our economy to be as open and transparent as possible.” He added that restrictions on foreign investors in Russia, which were recently introduced due to security concerns, must also be clear and comprehensible.

At the event Putin has been meeting senior executives from General Motors and Nissan. GM has just begun building a 90 million euro car plant near St Petersburg that will employ 700 people and produce 25,000 vehicles a year from late 2008. Nissan has also signed a deal worth 160 million euro deal which will see it producing 50,000 cars per year at a St Petersburg factory, also by late 2008.