Decisions on foreign brands' return to Russia to be made taking into account interests of both Russian businesses, consumers - Russian minister

NAYPYIDAW. Feb 24 (Interfax) - The Russian economy has changed in the past few years, therefore the new requirements in localization, investments and technologies for foreign companies intending to return to the Russian market would be drastically different, Russian Economic Development Minister Maxim Reshetnikov told reporters, answering questions as to how he assesses the prospects of the resumption of foreign companies' operations in Russia and on what conditions it could happen.

All decisions will be made individually, taking into account the interests of both Russian businesses and Russian consumers, Reshetnikov said on Saturday.

"The departure of a number of foreign brands opened unique opportunities for Russian entrepreneurs and companies from friendly countries. And they used it in full. Thanks to measures of state support, including for small- and medium-sized businesses, domestic producers have managed to swiftly increase the supply of goods and services," he said.

The Russian business community "made serious investments in order to occupy the niche vacated following the exit of foreign companies from the country," he said. "It is very important for us that these investments pay off," he said.

"At the same time, it is important to take the interests of consumers into account and maintain the variety on the market to ensure competition and contain prices. In this sense, the Russian market has been and remains open," Reshetnikov said.

"All decisions will me made individually, taking into account the balance of these two factors," he said.

"It is obvious that the Russian economy has changed. This is why the localization, investments and technologies demands for foreign companies would be drastically different," he said.