The International rating agency Fitch Ratings has affirmed the long term Issuer Default Rating of the Russian Federation at the level of BBB and has changed the prognosis from «stable» to «positive», according to the agency. It has also been noted that the weakest moments for sovereignty ratings of Russia are low quality management, lacks in the institutional sphere, corruption, lack of a business climate, slowing down investments, diversification and growth, as well as dependence on prices for raw goods (and, as a consequence, on global economy) and history of high and relatively volatile inflation. Possibly I’m not the only one trying to attract attention of the heads of Russian business, several political parties, well, and the country itself to the weak sides of the Russian economy. And lacks in an institutional sphere, and corruption are at least talked about constantly, whereas other key aspects such as low quality management and lacks in business climate are not paid attention to. Is the misconception so great that these aspects seem less important? Or that they can fix themselves? Or is there a deeper reason?? Either way, management of the Russian government and business will stay on the same level as today, until formation of the business climate will be consciously formed, Russia won’t have high ratings, venture and other capitals won’t come to the country. I often have to deal with heads of foreign businesses and venture funds, in particular. The most frequently heard question/argument is for careful relations with Russia – the level of management qualification of the heads is too low, and the risks of corporate management are too big! What and when are we going to do for these questions not to appear? And what should happen to come to understand the importance of these factors for the future of Russia?
Konstantin Y. Smolentsev
http://smolentsev.com
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