High technology export is an impulse to development of the country’s economy

Prospects of further development of Russian export were discussed in the course of international investment forum in Sochi. Back in December 2011 the Government of the Russian Federation approved the «Strategy of innovation development for the period till 2020». It mentioned the necessity of russian business integration into global chains for creation of additional value and necessity of open national innovation system developing. But for the moment the situation in this field is far from ideal: in this year both physical quantity and value quantity of export have decreased.

For a long time experts discuss the rising of laying-up risks for the Russian economy, connected to its fuel and raw specialization and loss of scientific and technological resources on the back of low rate of development. According to experts, increase of high technology export share might act as an impulse to development of the country’s economy.

By various estimates Russian share in the world market of knowledge-intensive and high technology goods doesn’t exceed 0,3% at year-end 2012. Today Russia supplies innovation market with ideas and researches (so-called intellectual raw), and imports ready-made technologies and equipment, created frequently on the basis of our offers. Current situation speaks for the necessity to stimulate support of national innovation companies.

Along with underdevelopment of modern institutions of Russian export support, many experts mention high transaction expenses for participant of foreign economic activities, appeared due to immense amount of formal administrative and customs procedures as one of the main causes of low indices of high technology export.

3 billion 100 million USD were allowed for financial support of Russian export in the 2013 country’s budget. Moreover, in total export volume of non energy products share of export, provided by state guarantee support, accounts for no more than 0,5%. One of the measures to increase share of non-resource export might be efficient advance of export of engineering products.

Furthermore, during «round table» the topic about Russia’s WTO accession was’nt left behind. According to the Minister of Economic Development of the Russian Federation Alexei Ulyukaev, the state would actively protect its domestic manufacturers-exporters. The corresponding suits for liberalization of exports are filed. He adds that we had had 70 restrictive prohibitive measures, in 2012 - 16 of them were eliminated, and in first half of 2013 - 5 more. Thus, supportive measures, corresponding to standards of WTO, have already began to work and bring results. Owing to liberalization, revenues of domestic manufacturer have increased by hundreds of million dollars.

In addition, the Minister said that development program of foreign economic activity, so to say «road map of export support», is approved.

Ulyukaev also mentioned that specific reform will concern Russian trade agencies. In minister’s opinion,their potential isn’t used fully. It is proposed to turn agencies into service centres, where enterpreneurs could get full assistance service, from searching of partners, market researches, preparation of necessary alalytics to providing of legal and informational consultations. Conversion program of trade agencies is approved at government level. At present time the evaluation system is being organized and opinion of businessmen also will be considered. It is expected that such changes will favourably influence small and medium business.

Ministry of Finance works out practical plans on the deoffshorization of the Russian economy.

The Ministry of Finance of the Russian Federation prepared a bill, according to which nominee shareholders and bondholders have to disclose their real beneficiaries. Otherwise, they must pay increased tax.

The idea makes sense, as nowadays many actual owners of capital screen themselves behind «fly-by-night» companies, which are registered in the offshore zones. According to the Ministry of Finance, the budget of the country loses almost 400 billion RUB per year due to this. In the offshore zones tax rates on equity income and returns on bonds, and also on dividends vary from 0% to 5%. That is essentially lower than in the country where they carry on actual entrepreneurial activity.

According to the suggestion of the Ministry of Finance, formal beneficiary that hasn’t disclosed actual owners will have to pay 30% not only of shares and bonds income, but also of dividends.

Thus, such an initiative is focused on implementation of deoffshorization of the Russian economy. This problem is frequently discussed by top leadership of the Russian Federation.
However, the system of implementation of these measures generates questions. It is easy to foresee that not only private companies take part in such national tax evasion scheme, but sometimes affiliated with them Russian officials, business of whom isn’t declared. Selective use and value detraction of this measure are highly probable.

The reliability index, prepared by the CredInform information agency is focused on revealing the «fly-by-night», because sometimes they operate as possible contractor in deal, in order to «bleach» their activity.