“The Russian Federation needs foreign investments. This is an unquestionable conclusion. The question is which and where,” the head of state said in an interview with reporters of the G-8 countries. In the president’s opinion, “indeed, we are now in a good economic situation, despite macroeconomic problems and the global economic crisis”.

“We have not stopped, we are developing. We make investments

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in the most important economic sectors and in infrastructure. We started investments, at long last, in the social sphere and education. We shall continue to do this,” the president assured, adding that “foreign investments are a very necessary thing”.

Medvedev explained, “Some tasks can be resolved only together with foreign investors who possess either experience or can help to consolidate very considerable financial resources”. Besides, according to the Russian leader, “the inflow of foreign investments shows, as a rule, the state of economy, whether it is healthy or it stagnates, closes down”.

“In this sense, foreign investments are an indicator of market development and an indicator of economic freedoms. A state, fencing off from foreign investments, cannot be regarded as free,” the Russian chief executive said with confidence.

However, he put the following question: “Whom and where to let in?” “The main debates are in progress now on this topic. We have settled these questions in Russia for ourselves and have said about them openly,” the president underlined.

He noted that “foreign investors asked me five years ago: ‘Adopt a law where you will spell out specific spheres where our presence either is not desirable or is possible only in a pool with Russian structures’”.

“We have adopted such a law. But this is a global problem. While preparing documents for the G-8, we examine the question on strategic industries and on admission of foreign investors. Our partners concur in the opinion with us that considerations of security are, as a rule, the only grounds for turning down foreign investments. Of course every state interprets considerations of security in its own way,” Medvedev noted.

He is convinced that “our interpretation is far from rigorous”. “I shall not call other countries, but their laws (I read them specially) are much more tougher, and, on the other hand, are much more based on a decision of administrative bodies than ours,” the president substantiated his stand.

The head of state called attention to the fact that Russian legislation “enumerates everything: what investments, who takes a decision, but it is written in laws in some other countries that some commission or a certain ministry will take this decision at its own discretion”.

“We have taken a very moderate way. And I believe that the situation is very simple now in our country. We have spheres where foreign investments are welcome and spheres where foreign investments are subject to agreement with state structures, but where they are also welcome on the whole,” Medvedev summed up.

MOSCOW, July 3 (Itar-Tass)