‘External pressure’ strengthening Russian economy – Putin   

Regional authorities should support businesses willing to fill the void left by Western firms, the president has urged

Western pressure on Russia intended to strangle the country’s economy has in reality turned out to be a powerful incentive for the development of domestic industries, President Vladimir Putin said on Thursday.

He stressed that authorities at all levels should support businesses willing to fill the void left by departing Western firms.

“External pressure has ultimately become a powerful incentive for the growth of our own production, unlocking our own potential in a variety of areas. And, of course, we need to continue to work closely with the government, federal and municipal authorities to provide the necessary support to companies and enterprises that are ready to occupy vacated niches,” he told a meeting of the elected heads of Russia’s regions.

According to the president, the Russian economy requires ready-made solutions in a range of sectors, and particularly in hi-tech where demand is high.

READ MORE: Putin wants ‘high-wage economy’

Putin identified the development of local economies as the key task for improving the welfare of Russian families and boosting their real incomes and urged authorities to encourage investment and business activity in the country’s regions.

The Russian leader emphasized that Western restrictions meant to weaken Russia are propelling its economic growth and offering new opportunities for creating jobs and strengthening education and technology in the country.

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