1 COPPER MINER'S $10B BET COMES TO LIFE IN PANAMA JUNGLE WWW.MINING.COM PUBLISHED:2019/02/15      2 TRADE UNIONS REQUEST PM TO FOCUS ON INTEREST RATE CUT WWW.ZGM.MN PUBLISHED:2019/02/15      3 MONGOLIA’S HOURLY WAGE TO REACH USD 1 WWW.NEWS.MN PUBLISHED:2019/02/15      4 US NARCOTICS BY POST TO MONGOLIA! THREE ARRESTED WWW.NEWS.MN PUBLISHED:2019/02/15      5 WRITER D.URIANKHAI NOMINATED FOR THE NOBEL PRIZE WWW.MONTSAME.MN PUBLISHED:2019/02/15      6 MONGOLIA-CHINA-RUSSIA ECONOMIC CORRIDOR BENEFITS ALL SIDES: OFFICIAL WWW.XINHUANET.COM PUBLISHED:2019/02/15      7 SOLAR EMPOWERMENT OF NOMADS IN RURAL MONGOLIA WWW.GREENOPTIMISTIC.COM PUBLISHED:2019/02/15      8 MONGOLIA, CUBA TO BOOST BILATERAL RELATIONS WWW.PLENGLISH.COM PUBLISHED:2019/02/15      9 GOOGLE OUTLINES $13BN US INVESTMENT WWW.BBC.COM PUBLISHED:2019/02/14      10 NATIONAL DEVELOPMENT AGENCY TO COOPERATE WITH JAPAN’S MIZUHO BANK WWW.MONTSAME.MN PUBLISHED:2019/02/14      “ОЮУ ТОЛГОЙ” КОМПАНИ 570 ТОННЫ ДААЦТАЙ CAT БРЭНДИЙН ГИДРАВЛИК ЭСКВАТОРООР ХҮЧЭЭ СЭЛБЭЛЭЭ WWW.GOGO.MN  НИЙТЭЛСЭН:2019/02/15     ӨРХИЙН САРЫН ДУНДАЖ ОРЛОГО 78,000 ТӨГРӨГӨӨР ӨССӨН Ч ЗАРЛАГА ДАВСАН ХЭВЭЭР БАЙНА WWW.IKON.MN НИЙТЭЛСЭН:2019/02/15     АВСТРАЛИЙН ЭЛЧИН САЙД ДЭВИД МЭТЬЮ ВОСЭН ИТГЭМЖЛЭХ ЖУУХ БИЧГЭЭ ӨРГӨН БАРИВ WWW.MONTSAME.MN НИЙТЭЛСЭН:2019/02/15     2018 ОНД МОНГОЛ УЛСЫН ЭДИЙН ЗАСАГ 6.9 ХУВИАР ӨСЛӨӨ WWW.BLOOMBERGTV.MN НИЙТЭЛСЭН:2019/02/15     МХБ: II/15-НЫ БАЙДЛААР 8 КОМПАНИ ХЭХ-ЫН ТОВОО ГАРГААД БАЙНА WWW.BLOOMBERGTV.MN НИЙТЭЛСЭН:2019/02/15     2017 ОНД 1.9 ТЭРБУМ ТӨГРӨГИЙН АЛДАГДАЛТАЙ АЖИЛЛАСАН “УЛААНБААТАР БҮК” 2018 ОНД 566 САЯ ТӨГРӨГИЙН АШИГТАЙ АЖИЛЛАВ WWW.BLOOMBERGTV.MN НИЙТЭЛСЭН:2019/02/15     ОРХОН ТҮҮХИЙ НҮҮРСНЭЭС ТАТГАЛЗСАН АНХНЫ АЙМАГ БОЛНО WWW.UNUUDUR.MN НИЙТЭЛСЭН:2019/02/15     АТГ-ААС НЭР БҮХИЙ 6 ШҮҮГЧИЙГ ШАЛГАЖ ЭХЭЛЖЭЭ WWW.EAGLE.MN НИЙТЭЛСЭН:2019/02/15     МОНГОЛ УЛС ДЭЛХИЙН 77 ОРОНД БАРАА ЭКСПОРТОЛСНООС ХЯТАДАД 93%-ИЙГ НЬ НИЙЛҮҮЛЖЭЭ WWW.IKON.MN  НИЙТЭЛСЭН:2019/02/14     АВТО МАШИНЫ ИМПОРТ 2018 ОНД 30% ӨСӨЖ, 86,296-Д ХҮРЧЭЭ WWW.IKON.MN  НИЙТЭЛСЭН:2019/02/14    

Events

Name organizer Where
“Doing business with Mongolia”, “UK Investors show” бизнес хөтөлбөр March 27-April 02. 2019 ЛОНДОН ХОТ, ИХ БРИТАНИ Mongolian Business Database London UK
SYMPOSIUM ON GLOBAL MARKETS Nationalism and Protectionism: The United States in the International Arena June 17-18, 2019 The Center for American and International Law Plano, Texas, USA The Center for American and International Law (CAILAW) Plano Texas June 17-18 2019
"Open to Export" ICC WTO International business award ICC WTO London

NEWS

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China projects 6.5% growth in 2018 amid economic reform www.asia.nikkei.com

BEIJING -- China said on Monday its economy is expected to grow around 6.5% in 2018, highlighting the country's aim of accommodating slower growth to focus on reining in financial risks.

Prime Minister Li Keqiang told the National People's Congress during the legislature's annual sitting that while growth remains strong amid the recovery in the global economy, China will focus on pressing ahead with its reform agenda.

"The [target is] fitting given the fact that China's economy is transitioning from a phase of rapid growth to a stage of high-quality development," said Li at the opening of the over two week-long congress, addressing some 5,000 delegates gathered in the Great Hall of the People in the country's capital.

Meanwhile, the country's military spending will rise 8.1% from 2017, according to a budget report. The budget will likely heighten fears about China's growing assertiveness in Asia and beyond.

The world's second-largest economy grew 6.9% in 2017, bucking a slowdown since 2010 and beating the 6.5% target set around this time last year in the Government Work Report. The report is delivered by the premier every year to kick off the annual congress. Growth was supported by exports, as well as investments in infrastructure and real estate. The economy has been cooling off after nearly a decade of double-digit growth that began in 2003.

The projection for 2018 is within the range marked by economists, who expect Beijing to implement measures set by its top leadership to contain risks in the financial system.

President Xi Jinping said during the Communist Party's five-yearly meeting in October 2017 that China had to safeguard the economy in order achieve the mid- to long-term plan of creating a "prosperous" society based on socialism.

Mizuho Securities is less upbeat about China's outlook, expecting tighter monetary conditions and the continued scrutiny of investments in line with the top leadership's pronouncements. The investment bank, which has a 6.3% growth forecast for 2018, said in a Feb. 26 research note that growth will be driven by trade, domestic consumption and income growth.

China's economy has come under pressure in recent years from mounting debts chalked up by state-owned enterprises and the private sector. The threat of a property market bubble remains a major concern for Beijing, underpinned by lower borrowing costs provided by the country's shadow banking system.

Over the next three years, whether China can sustain growth will depend on how the government encourages productivity gains while keeping inflation and asset bubbles at bay, said Diana Choyleva of London-based Enodo Economics.

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World's 5 largest gold nuggets that haven't been melted down www.rt.com

Gold has been an attractive asset throughout much of human history. Today's investors use it as a safe haven against market volatility. But where did gold mining start and what does the precious metal look like on extraction?
Humanity learned to extract gold centuries ago. The oldest known gold artifacts were reportedly found in the Varna Necropolis on the territory of modern Bulgaria. The graves allegedly date back to 4200 BC, which shows that gold mining might be at least 7,000 years old.

As of 2016, China was the world's largest gold producer with 463.7 tons mined that year. The second-largest producer, Australia, mined 287.3 tons in 2016, followed by Russia with 274.4 tons. RT decided to find the top five of the world’s biggest gold nuggets which are still in existence.

Number five in the ranking was extracted in California in 1992 by Sonora Mining Company. The nugget was found embedded in quartz rock with its weight after a cleaning process amounting to 16.4kg, which is 527 troy ounces of gold. The piece is exhibited at a heritage museum in Ironstone Vineyards in California. It has two names: sometimes it is referred to as the ‘Kautz Crystalline Gold Leaf Specimen’ in reference to John Kautz, the owner of Ironstone Vineyards.

Number four is the Normandy Nugget, discovered in Kalgoorie, Western Australia in 1995. The Normandy is significantly bigger than Ironstone, weighing in at 25.5kg or 820 troy ounces. It was bought from the finder five years later by Normandy Mining and is currently displayed in the museum of the Perth Mint.

The third biggest nugget was found in Kingower, the Australia state of Victoria in 1980. The Hand of Faith weighs 27.66kg, or 875 troy ounces. The nugget, purchased by the Nevada-based Golden Nugget Casino, is exhibited in the casino lobby on East Fremont Street in Las Vegas.

The world’s second largest nugget in existence, the Great Triangle, was excavated in 1842 in the Miass area of the Russian Urals. The triangular-shaped nugget, owned by the Russian state, weighs of 36.2 kg, including a fine gold content of 32.94 kg, or 1,059 troy ounces. The Great Triangle is on display in the Russia’s ‘Diamond Fund’ collection in the Moscow Kremlin.

Found in 1983 by the Serra Pelada Mine in the State of Para, Brazil, this piece of gold is currently ranked as world’s largest surviving gold nugget. With the gross weight of 60.82kg, Pepita Canaa contains 52.33kg of gold totaling over 1,682 troy ounces. The piece was bought by the country’s central bank and is currently displayed at the Banco Central Museum in Brazil.

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Stock Exchange weekly report /February 26- March 2/ www.montsame.mn

 

Ulaanbaatar /MONTSAME/ During the week spanning February 26 to March 02, 2018, MNT1,635,201,757 worth of securities were traded through 5 trading sessions on the MSE. The daily average MNT volume was MNT327.0 million.
1. STOCK TRADING:
A total of 97 companies’ 612,679 shares worth MNT584,636,717 were traded.
Most actively traded stocks: 
№ Symbol Securities Name Volume Amount
1 TTL TAVANTOLGOI 30,444 296,458,820
2 APU APU 167,685 111,206,456
3 GOV GOBI 2,005 45,859,860
4 MNP MONGOL POST 32,704 17,867,323
5 ITLS ITOOLS 139,250 17,066,570Most active brokerage firms:
№ Symbol Company Name Volume Amount
1 BDSC BDSec 252,279 436,025,403
2 LFTI Lifetime Investment 17,677 141,517,284
3 GLMT Golomt Capital 232,633 125,643,905
4 BUMB Bumbat-Altai 66,278 79,891,300
5 STIN Standart Investment 144,672 71,427,348
2. GOVERNMENT SECURITIES TRADING:
No government securities were issued on the primary market during the week spanning February 26 to March 02, 2018.
On the secondary market trading of Government securities, 10,073 units of securities were traded for MNT 1,050,565,040 through 14 trading sessions.
Most active brokerage firms for Government securities secondary market trading:
№ Symbol Company Name Volume Amount
1 BZIN Mirae Asset Securities Mongolia 19,488 2,034,091,880
2 BDSC BDSec 460 46,901,600
3 GAUL Gauli 198 20,136,600 
3. CORPORATE BONDS TRADING:
Most active brokerage firms for Corporate bonds secondary market trading:
№ Symbol Company Name Volume Amount

As of March 02, 2018, total market capitalization of MSE is MNT2,455,629,147,724. The TOP-20 index decreased by 3.12% to stand at 19,616 units.
Source: Mongolian Stock Exchange

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President Ts.Elbegdorj named new ICDP commissioner www.news.mn

The International Commission against the Death Penalty (ICDP) has named former President of Mongolia Ts.Elbegdorj as its new Commissioner. In a welcoming address, said ICDP President Judge Navi Pillay said: “I am very happy that President Tsakhiagiin Elbegdorj is joining the members of the ICDP in our struggle to make the world free of the death penalty. Having been one of the leaders of the peaceful revolution that ended the dictatorship in 1990, Mr Elbegdorj was Mongolia´s Prime Minister in 1998 and again from 2004 to 2006 and President of Mongolia from 2009 to 2017.

“I am particularly pleased to note that President Elbegdorj showed great political leadership and will in leading Mongolia to abolishing the death penalty during his Presidency. In 2010, President Elbegdorj commuted all death sentences and announced a moratorium on all executions. In 2012, Mongolia ratified the Second Optional Protocol to the International Covenant on Civil and Political Rights, an international treaty committing the country to the abolition of the death penalty. On 1 July 2017, Mongolia became death penalty abolitionist when its new Criminal Code, which abolishes the death penalty for all crimes, became effective after it was initially adopted bythe Mongolian Parliament on 3 December 2015. The abolition of the death penalty in Mongolia, which represents a beacon of hope in the North-east Asian region, is truly President Elbegdorj´s legacy. “By his decisive actions and leadership in furthering his country´s respect and protection for the fundamental right to life, and by his important interventions in international forums, President Elbegdorj has emerged as a much respected voice in favour of the abolition of the capital punishment. I believe that Mr. Elbegdorj´s expertise, experience and international prestige will be outstanding assets for our Commission and we look forward to work with him. I join my fellow Commissioners in welcoming him”

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Trump steel tariffs: IMF warns plan would hurt US www.bbc.com

The International Monetary Fund (IMF) has joined criticism of Donald Trump's plan to impose a 25% tariff on steel imports and 10% on aluminium.

The body warned that such a move would hurt the US as well as other countries.

It said others could follow the US president's precedent by claiming tough trade restrictions were needed to defend national security.

Canada, the largest supplier of steel to the US, said tariffs would cause disruption on both sides of the border.

It is one of several countries that have said they will consider retaliatory steps if the president presses ahead with his plan next week.

If trade wars really were good and easy to win, the World Trade Organisation probably wouldn't exist.

Most countries believe that negotiations are best carried out and disputes settled through a rules-based system. Introducing trade barriers on a tit-for-tat basis has the potential to harm companies on both sides.

But that's unlikely to bother Mr Trump. His campaign rhetoric drew heavily on the perceived threat to traditional US industries from foreign interlopers acting unfairly. He's simply continuing in that vein.

And it's unlikely to register much with the steelworkers of Pennsylvania and Indiana. Concerned about their jobs and the future, many will welcome Mr Trump's comments.

How does the Trump administration respond?
Mr Trump tweeted on Friday morning that the US was "losing billions of dollars on trade" and would find a trade war "easy to win".

Critics argue that the tariffs would fail to protect American jobs and ultimately raise prices for consumers.

But US Commerce Secretary Wilbur Ross used a can of Campbell's Soup to defend the tariffs on Friday morning as "no big deal".

He told CNBC the duties would have a negligible effect on the price of a tin, amounting to less than a cent.

"Who in the world is going to be too bothered?" he asked.

Who else is unhappy?
Canada, Mexico, China, Japan and Brazil also say they are considering retaliatory steps.

The prime minister of Canada - which exports more steel to the US than any other country - slammed the tariffs as "absolutely unacceptable".

Justin Trudeau told reporters in Ontario he was "confident we're going to continue to be able to defend Canadian industry".

A Chinese foreign ministry spokesman said: "If all countries followed the example of the United States, [it] will undoubtedly result in a serious impact on the international trade order."

Kosei Shindo, chairman of the Japan Iron and Steel Federation, said that the move would "create a negative chain reaction affecting not only steel but also other products considered to have national security implications".

Many US companies also expressed alarm, including beer brewers, which use aluminium for canned beverages.

Anheuser-Busch InBev NV, the world's largest beer maker, warned that Mr Trump's plan was "going to put jobs at risk and would be against the US consumer".

Mr Trump has lamented the decline of the US steel industry, which since 2000 has seen production drop from 112m tons to 86.5m tons in 2016.

The number of employees working in the sector has fallen over the same period from 135,000 to 83,600.

But experts say far more Americans work in industries that depend on steel products than are employed in steel plants.

Steel mills in 2015 employed about 140,000 Americans, according to census data.

But 6.5 million Americans work for manufacturers who make things using steel.

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Green Climate Fund offers 100 thousand household accommodations www.gogo.mn

Smoke-free Ulaanbaatar Forum – 2 was held by Bloomberg TV Mongolia and Capital City Governor’s Office yesterday. It addresses the country’s urgent problem of smoke.

The forum touched upon clean air topics during the panel discussions of New Planning, Made in Mongolia and Accessible Funds, and involved representatives of the government, non-government organizations, private sectors, banking and financial sectors, as well as public representatives to discuss measures taken, to be taken in the future and various ways to resolve the problem. The AQI of Ulaanbaatar is currently around 2 - 5 thousand, which exceeds the hazardous level. The incidences of respiratory diseases in Ulaanbaatar alarmingly increased including a 2.7-fold increase in respiratory infections per 10,000 population in the last 10 years. Pneumonia is now the second leading cause for underfive child mortality in Mongolia.

Purevdavaa Davaakhuu, Advisor to the President of Mongolia in charge of policies on environment, urban and rural developments and issues of air pollution, sees that the reasons of air pollution are centralization, poverty and unemployment.

He stressed that ger district, which produces 80 percent of the air pollution as they fuel raw coal, is growing in size. He made a critical address towards several government policies, "Policy on regional development was mistaken as it did not address development of satellite towns. It needs to have renewed longterm urban planning that includes establishment of satellite towns around metropolis of Ulaanbaatar,” remarked Mr Purvedavaa.

He added that MNT19-32 billion were accumulated to the state budget from the tax on smoke producing sources since 2008. But small portion of the amount were allocated to reduce the smoke related problems. Last year, a total of MNT17 billion was collected to the budget from taxex on smoke producing sources. Although, MNT5 billion was allocated to the actions on air pollution reduction, only MNT4.5 billion were spent for the purpose.

Furthermore, the Mayor of Ulaanbaatar city has made decisions to stop consumption of raw coal and stop domestic migration to ger districts in Ulaanbaatar from rural areas in order to reduce centralization.

Other panelists suggest that it is important to improve living standard by reducing unemployment. “The effectiveness of the expenditure for reducing smoke should be evaluated with numbers of generation of workplaces that used technology achievements,” highlighted MP Uchral Nyam-Osor. He adds that there is a need to support the development of industrialization and entrepreneurship. He then added that there is a need to address the problem and solve in integrated way by producing sound laws, such as the amendments to the Law on Legal Status of Ulaanbaatar, regarding the satellite towns.

Another panelist, Dulamkhorloo Baatar, Editor-in-Chief of the Official Gazette, urges to take resolute measure. “I believe that there is no family with children of early age, who have been sick and hospitalized because of respiratory diseases. Therefore, their parents have to ask for leave of several hours to several days from their employees,” she remarked.

Mrs Dulamsuren requires that the government should make clear policy and provide environment for implementing programs and projects presented regardless of the party. Naidalaa Badrakh, Head of Green Climate Fund Project Team, informs that there is no problem finding financial sources to fund eco-friendly and greenhouse gas reducing projects.

Green Climate Fund GCF is a financial mechanism under the UNFCCC which helps fund climate finance investment in low-emission, climate-resilient development through mitigation and adaptation projects and programmes in developing countries. They have a ready to implement project that will provide 100 thousand households with energy and insulation efficient houses worth MNT25-40 million utilizing eight percent mortgage loan program for up to 10 year term. He called to involve interested parties to implement this project. Currently there are 216 thousand households living in the ger district.

Oyunbayar.N

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Constitutional Court: Nationalization of EMC will require compensation www.gogo.mn

About a year ago, the Parliament issued the 23rd resolution and reached a decision to nationalize the 49 percent ownership of Erdenet Mining Corporation (EMC). Considering this action as a violation to the Constitution of Mongolia, some people have appealed to the Constitutional Court. Accordingly, the Constitutional Court proceeded a ruling yesterday and confirmed the 23rd resolution of the Parliament did not violate the Constitution.

The rapporteur of the Constitutional proceedings was Sugar Dulam, who was one of the people who signed the approval of collateralization of EMC's 51 percent ownership to Standard Bank of South Africa. It has to be noted that Sugar, a member of the Constitutional Court, was the Chairman of the State Property Committee back then.

Looking at the justification of the appealing party, the 49 percent stake of EMC never belonged to the Government of Mongolia. The dispute began when the Government violated the private property rights by nationalizing the 49 percent stake, which was purchased from another country by a private entity.

The Constitutional Court’s ruling of the 23rd resolution of the Parliament:

Article 1.2 states “Democracy, justice, freedom, equality, ... the rule of law are the basic principles of the public service.”
Article 5.2, “The State … accepts any form of private property and protects the rights of ownership”,
Article 5.3, “Rights of the owner may be limited only by the grounds provided by law.”,
Article 16.3, “Fair acquisition, possession and ownership of movable and immovable property is inheritable. It is prohibited to confiscate or requisite private property. If the State takes its private property on the basis of essential social needs, the State shall pay the compensation and the price.”
Article 70.1, “In the Constitution ... decisions of the public body should be fully complied with one another.”
Although it may seem as a property dispute between the Government and private sector, it was a proceeding to decide whether if Mongolia could protect at least half of its ownership or lose 100 percent of its stake.

The London Court of International Arbitration (LCIA) has suspended EMC’s 51 percent due to the claim of Just Group collateralizing the stake to South African Standard Bank. While the company is operating normally, its foreign accounts have been suspended, resulting in a risk of no-income. However, Minister of Justice and Home Affairs Nyamdorj Tsend and Chief of Cabinet Secretariat Zandanshatar Gombojav announced that the factory is facing no risk.

Enkhjargal.B, Tugsbilig.B

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ROSATOM and Nuclear Energy Commission of Mongolia Signed Memorandum of Cooperation on Centre of Nuclear Science and Technology Construction www.globalenergyworld.com

The Memorandum was signed in Moscow during the Russian-Mongolian intergovernmental commission. On behalf of the Russian side the document was signed by ROSATOM’s Deputy Director General for International Relations Nikolay Spassky. The government of Mongolia was represented by secretary of National Energy Commission Gun-Aajav Manlaijav.

The main objective of the Memorandum is developing mutually beneficial cooperation in civil nuclear energy use and designing a Centre of Nuclear Science and Technology (CNST) blueprint. According to the document, Russian specialists will provide assistance to the Mongolian side in determining preliminary requirements and the configuration of CNST facilities. The Memorandum framework also involves the two sides designing a preliminary road map for the CNST project.

It is expected that specialized expert groups will be established to organize the working processes in these areas.

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Mongolia Mining 2018 to highlight non-ferrous metals www.montsame.mn

Ulaanbaatar /MONTSAME/ The 2018 Mongolia Mining international mining & oil expo will be held on April 4-6 in Ulaanbaatar, focusing on non-ferrous metals.

The 8th edition of the international exhibition will be held under the theme ‘World Technology is Coming’ at the Buyant Ukhaa Sport Palace.

More than 120 exhibitors from countries such as China, Russia, the Czech Republic, Australia, Kazakhstan, Sweden, Japan, Germany, South Korea, France and Canada will be introducing the latest technology and equipment in the mining industry.

The number of exhibitors has visibly increased this year, especially companies from Canada, the Czech Republic and the United Kingdom, said the organizers.

Moreover, the investors, suppliers and guests attending the international exhibition will be introduced to the mineral industry of Mongolia. In specific, there will be a seminar on government policy in mining sector in addition to presentations delivered by the exhibitors.

While highlighting non-ferrous metals, the event will be attended by not only representatives of the mining sector, but also of road and construction sector, thus offering good networking opportunities to the exhibitors.

The expo, dubbed as the biggest mining expo in Mongolia, is jointly organized by Minex Mongolia Co., Ltd, Expo Mongolia Co., Ltd., and International Expo Bureau of Mongolia and sponsored by Transwest Mongolia LLC, and Wagner Asia Equipment LLC.
Kh.Aminaa

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Putin wants Russia's economy growing faster than global average www.rt.com

The growth rates of the Russian economy should exceed global figures, which is the basic condition for a breakthrough, Russian President Vladimir Putin said in his address to the Federal Assembly.

“Increasing the country's economic potential is the main source of additional resources. For this we need an economy with growth rates exceeding the global level,” he said. “This isn't just a wish, but a basic condition for a breakthrough in resolving social, infrastructure, defense and other tasks.”

An increase of the gross domestic product (GDP) per capita by 1.6 times by mid-2020 is one of the key tasks, according to the president.

“This is a very challenging task but I am confident that we are ready to solve it.”

Putin also stressed the necessity to reduce the public sector’s share of the economy.

“To let the economy work at full capacity, the business climate must be improved dramatically, with the highest level of business freedom and competition.”

The president set a goal to cut poverty minimum in half in the next six years, saying the well-being of Russians and their families should be the top priority.

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