ST. PETERSBURG, June 5 (Xinhua) -- Russian Deputy Prime Minister Alexander Novak on Friday identified labor productivity growth, technological advancement, trade reorientation, and an improved business environment as the four key drivers of the country's future economic growth.
Speaking at Sberbank's business breakfast on the sidelines of the 29th St. Petersburg International Economic Forum, Novak said boosting labor productivity is the most important task facing the Russian economy.
"Productivity growth should become a national driver," Novak said, stressing that businesses of all sizes, along with the social sector, need to improve efficiency to support sustainable development.
He also highlighted technology as a major source of growth, saying the development of higher-value-added industries would help reshape the Russian economy and enhance its competitiveness.
Government support for sectors such as machine-tool manufacturing, pharmaceuticals, shipbuilding and other high-tech industries is expected to contribute to economic expansion, he said.
Novak also pointed to the reorientation of foreign trade flows as another important growth factor, as Russia continues to adapt to changing global economic conditions.
In addition, he stressed the need to improve the business climate by simplifying business registration procedures, strengthening property rights, and streamlining bureaucratic processes.
The four-day St. Petersburg International Economic Forum ends on Saturday. ■