Regions

Putin Announces Investment Plan

June 22
5:52 AM 2013

Russia's President Vladimir Putin disclosed a US$13 billion investment plan on Friday. The said plan was directed to build new roads and railways by tapping a reserve fund. Putin hoped to revive the economy of the country and avoid stagnation by emerging said investment plan.

However, Putin fail to allay investors' concerns over an economy that is sliding towards recession. His speech included setting out moves to curb inflation and boosting economy growth. Tightened control of underperforming state firms was also tackled.

The President of Russia was less upbeat than in the previous years during the annual business forum held in St. Petersburg, Putin's hometown. The annual business forum meant to show investors that the country is a good place to invest.

Putin stated that he would plough in US$13.6 billion into constructing a new ring road outside Moscow. He also added to update the Trans-Siberian railway connecting to Russia's Far East and building a high-speed rail link for the country's capital to Kazan in Central Russia.

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