RUSSIA FORUM BUZZ: CHALLENGES FACING RUSSIA: EXECUTIVE PERSPECTIVES


The challenges thrown up by the global crisis are fairly clear, and the session focused on how to resolve them. Key ideas from the session were:

  • Times have changed, and Russia needs to change as well. The time has come for deeper restructuring of the Russian economy.
  • It is key to ensure macroeconomic stability and make sure that the financial sector does not collapse. Also, the ruble needs to be held at a reasonable level and reserves maintained. The real economy and industrial businesses must be supported, but not at the risk of stability.
  • The global environment is likely to stay bleak for a long period, so Russia must conserve its resources.
  • Companies will need to reinvent their business strategy to survive.
  • Russia needs to build global confidence in its systems and direction, and make clear that the country is a place where foreign companies can do business.
  • Russia needs to build stronger mechanisms to link government and business.
  • Crisis creates opportunities, and Russia should take advantage of these. All crises end, so Russia must change in order to be ready for the upturn when it comes.
  • The time has come for entrepreneurs to take risks and create new businesses. We are all entrepreneurs now!

PANEL

Ruben Vardanian, Chairman of the Board of Directors and Chief Executive Officer, Troika Dialog Group
Noubar Afeyan, Managing Partner and CEO, Flagship Ventures
Mark Fuller, Chairman and Chief Executive Officer, The Monitor Group
German Gref, President and Chairman, Sberbank
Leonid Melamed, President and Chief Executive Officer, Sistema
Michael Tay, Executive Director, Russia-Singapore Business Forum Organizing Council
Sergey Vybornov, President, Alrosa

Troika Dialog

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