Putin comments on Russian economy

Russia should not be ashamed of the fact that its economy is based on raw materials and energy production, Russian President Vladimir Putin declared at a meeting of the Council of Rectors of Russia. People often say that Russia still remains a country with raw material and energy exports, at the same time it would be strange not to use our resources, the President added, First Channel television reported.

Some countries, although their industries are highly developed, are traditionally considered as agricultural; France, for example. Such countries are proud of this fact, and Russia should not be ashamed, he specified. The head of state noted that Russia had occupied serious positions on the markets of energy resources. However he admitted that even the most efficient production of natural resources would not bring leading positions in world economy to Russia. He pointed out that it was necessary to develop such important industries as transportation, energy and communications.